This pair we have been trading short term the previous 2 dontrend structure triggers, Price made a Higher low of 107.88 which in theory should propel the buyers beyond current level of 108.70. However, the behaviour we can see here is typical strong reversal for the continuation of downtrend. This completed wave is the last chance for Sellers, if price breaks above 108.98 we can fully expect more higher prices. The Downtrend Trigger is still intact, and we have not seen a Higher High that suggests the downtrend is invalidated. If that is the case the only option is to short USDJPY from 108.70.
This price point represent to us the last opportunity for a valid short.
SHORT: 108.70
STOP LOSS: 109.00
TARGET 1: 107.80
The outcome of Target 1 will determine the future price.
This price point represent to us the last opportunity for a valid short.
SHORT: 108.70
STOP LOSS: 109.00
TARGET 1: 107.80
The outcome of Target 1 will determine the future price.
Trade active:
After breaking the 109.00 barrier, price failed to hold. Short entry 108.70
