JLJ002500

USDJPY - Reconsidering my S.T. - M.T. long bias

FX:USDJPY   U.S. Dollar/Japanese Yen
23 0 2
I posted earlier today of a potential long entry but recommended caution. L.T. I'm bearish , but at current levels i've been focus on the strong support and expecting it to hold. After further analysis, I am reconsidering my stance and potentially will look for a short entry (under the right circumstance).

1M
snapshot
Even though the previous month had a nice positive push, it could not overtake the previous bear candle and the volume was high, but less than previous bear candle. Every indication the bears are still in control and the downtrend continues.

1W
snapshot

I believe there will be a continuation. Let's assume I am correct. The question then is will USDJPY             correct before a continuation and if it does, is it significant enough to trade? I don't know. I still planning on entering long IF there is a strong bullish candle where the strong support holds. The risk/reward is too favorable. HOWEVER, DailyFX has USDJPY             77% of the sentiment long. That has me thinking, maybe I should go the other way. Everyone is thinking the same way i was thinking. We all are seeing the strong support. Yet, look at the 1M and 1W charts along with the sentiment and I start to lean bearish and think USDJPY             may blow right through that strong support.


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