PFFXCAPITAL

Great Opportunity to Short USD/JPY Here

FX:USDJPY   U.S. Dollar/Japanese Yen
296 0 3
A longer-term chart was posted earlier this month with a reasonably bearish tone so with that in mind there is an appealing setup for a short trade here.
The current March leg up has exceeded RSI dynamic oversold level above 60 (dynamic because oversold/overbought can shift away from rigid 70/30 levels by focusing on the longer-term trend price is currently in) and USD/JPY             has reached a zone of decent resistance confluence (1.).
A more conservative area is available later on (2.) but with critical risk data on the docket tomorrow and Friday, the technical picture may have changed by then.
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