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ctredget
Apr 25, 2018 4:23 PM

USDJPY - Possible next 24 hours Short

U.S. Dollar/Japanese YenFXCM

Description

Following yesterdays chart and looking through the timeframes. It is possible that the USDJPY is running out of steam for now. There are many reasons here for a pull back:

RSI overbought on 4HR
1HR chart resisting further upsdide
Trump and his general behaviour
Upside rejection developing on daily chart
Approaching end of the month - Profit taking
6 days of straight gains without consolidation or pull back

This is potentially a good combination for a short scalp followed by a longer term long entry setup
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