frexbull
Short

Sidelined on USDJPY: Waiting for further trend confirmation

FX:USDJPY   U.S. Dollar/Japanese Yen
Will be on the sidelines for this until clear direction is established. Price may find strong support on the green demand zone at 101 to 100 (potential reversal point); however, RSI , CCI and OBV is showing signs that there may be more sellers based on the weekly charts. Downward price action may not yet be over. OBV shows that sellers may still out trade the buyers at this moment. Will wait for a confirmation of the downtrend if price falls below 100.

View: Slightly Bearish
Short entry: 99
Short term target: 94.60
Medium term target: 85

Let me know what you guys think. Please leave comments below.

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