USDJPY may pullback a little after the massive sell-off
In my previous analysis on USDJPY, I recommended you to sell between 112-112.30 area. If you followed that, you have already bagged a massive profit of 400+pips(see idea link attached below)
Through this idea, I would like to tell you that there could be a minor/decent pullback in the coming days provided we see some form of bounce back in the stock market.
USDJPY is currently at a historical level from where we have seen multiple bounces in the past. There is also an equal likelihood of price breaking the level and dropping to the next major support.
So, if you see some form of bullish price action in the lower time frame, you can look for countertrend buys with small TPs.
That being said, exercise caution before executing any trades because the market is very weak at the moment.
Through this idea, I would like to tell you that there could be a minor/decent pullback in the coming days provided we see some form of bounce back in the stock market.
USDJPY is currently at a historical level from where we have seen multiple bounces in the past. There is also an equal likelihood of price breaking the level and dropping to the next major support.
So, if you see some form of bullish price action in the lower time frame, you can look for countertrend buys with small TPs.
That being said, exercise caution before executing any trades because the market is very weak at the moment.
Comment:
No pullback. Looks like price will break through support
