Winning trades in USD/JPY- “Bearish Engulfing” still lures bears

FX:USDJPY   U.S. Dollar/Japanese Yen
196 0 7
Earlier USD/JPY             TARGETS ACHIEVED, Book partial profits and stay focused to enter better entry points for short near month futures again.

Refer below link for our previous write up on this prediction:

Don’t miss shorts in USD/JPY upon break below 111.0222

For now, Broken out major supports at 111 & 107.674 levels with leading oscillators signal bearish momentum, current prices well below 7DMA.

7DMA crosses below 21DMA, Wait for rallies to short support below 107.674.

We don’t think we’ve to explicitly specify “Major trend is bearish” as all technical indicators are bearish bias.

RSI evidences bearish convergence to the falling prices, while no traces of recovery from stochastic curve as well.

MACD also confirms the long term downtrend continuation.

So, we reiterate absolutely there is no space for fresh long build ups, view every rallies for best entry levels for shorts. While, on an intraday trading perspective, better to use option tunnels.
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