bajajharsimran
Short

USD/JPY - A Line in the Sand or two in this Case ;)

FX:USDJPY   U.S. Dollar/Japanese Yen
Technical

  • With a Potential Double Bottom and RSI Divergence on 4 Hour Chart which might tempt people to go long,but i personally will prefer to stay neutral to short for the moment and watch the 100.75 - 100.95 zone which seems to be the dividing line between bulls and bears atleast in the short term.

Fundamental

  • With recent FOMC minutes showing that a September Rate hike is highly unlikely which will keep the USD under pressure for few months to come.

Sentiment

  • Too many people are Short the Dollar in very short run in my opinion.

Conclusion

This potential Double bottom and RSI combo could produce a nice rally and a possible squeeze required to throw some weak shorts out of the system.


Happy Trading Everyone
Manage your Risk :)

Upper Breakout marked in previous update reached
Peace :)
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Just touched those lines and it fell that's the reason i love simple stuff :) Keep it simple silly
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Still Ranging and those lines in the sand working fine :)
Now a triangle has formed and a break on either side will give the marked targets.
Peace :)
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