With USD/JPY holding above the 110.00-50 for now we will step back, but hold our bias for lower.
We still see risks of a squeeze higher, but prefer to wait for that to sell than be long against our medium-term view.
Leading oscillators on intraday (4H) and monthly charts are indicative of further declines.
on 4H chart evidences divergence to the price line by forming lower lows, while the indicator converges to the monthly price dips.
%K crossover even below oversold zone on monthly plotting have not been convincing that the selling momentum is still strong.
On a broader perspectives, nothing much varied stances from short term trend but curves have approached but no trace of buying indications, while is still in bears favor.
Attempts of 21DMA crossing over on 7DMA on daily and same is the case EMAs on monthly are observed, which could prop up a continuation signal.
although remains above zero level evidences crossover.
At last, we've seen mamoth volumes which are in conformity to the .
After two weeks of rallies, bulls seem exhausted to reject major stern resistance at 111.303 levels.
For now, we reckon if the pair breaches supports at 111.0222 levels then it can bring in more sentiments to resume bear trend again.
As a result of above technical observations, targets of 109.698 or 108.029 levels are quite achievable.
As you can make out from the intraday charts, the pries have been in the range (111.474 and 110.670) ahead of today’s FOMC interest rate decision but every weakness in this pair would drag more below lower range.
Keeping this trend in mind we reckon, irrespective of the swings boundary binary options would fetch certain yields using the above boundaries in the binary strategy.
Alternatively, short term bears can eye on shorts in near month for targets of 110.232 with stiff stop loss of 111.880 levels. At spot FX reference – 111.147 trading near month keeping above SL and targets serves an ideal risk reward profile.
Those who're complacent can book partial returns & ENjoy weekend & Party..!!!, rest all aggressive traders who can wait still can participate in this bearish rout.