Oversold continuation or change of strength

FX:USDJPY   U.S. Dollar/Japanese Yen
221 4 2
USD had been gaining a lot of strength over JPY, and right now a huge battle is going on
below the long term resistance line to determine which of the pair will lead in the future.
If it break out, take note of the 76.4% retracement level first as it could be a false breakout.
RSI remaining oversold for the moment, but how long more...

Big typo error: Overbought!
maybe overbought...
jangseohee Recluse82
LOL, you are right, typo error
I suspect that a change of direction is very likely. I was little too early in expecting a major top in my last published chart link
USDJPY - Major Trend Reversal
. But overall expectation still remains for me is that we might consolidate here and make last up thrust to retest the recent high or possibly make a false breakout for the major top to form. Thanks for sharing.
Monthly trendline dictates the major swing, turning point or breakout.
It's all learning process, trading is a game of probability :-)
And yes, i absolutely agree with you that my anticipation for this retracement back to the trendline or even broke it so that this pair can find a higher high of around 120-125 in 1-2 years time making a higher high (euphoric wild party) which coincide with MACD/RSI bearish monthly divergence. DXY had a daily dark cloud yesterday :-)
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