Looking oversold and taking a long trade... make quick 20-25 pips profit.
- Technically although the risk is towards the downside, as the OANDA:USDJPY settled well below the 114.50 level, the 23.6% retracement of its latest weekly advance.
- The price is also well below its 100 and 200 SMAs in the 4 hr chart, with the shortest accelerating its decline above the largest
- The RSI indicator consolidates near oversold territory, and the Momentum indicator advances within positive territory.
- If risk aversion persist, the OANDA:USDJPY will likely end up breaking below the support level and extend down to the 112.00/20 region, the next strong static support area.
- However oversold indication suggest there is a room for quick pips on long side
As usual I'm in for 20-25 pip profit. Ride with me!