On higher timeframes, USDJPY
has been ranging between 111 and 114. It is now in the lower level of the range, has been rejected around 111.1 and could test 112 zone. Ichimoku
does not provide much info at this timeframe, the cloud is terribly flat and therefore I removed Ichimoku
and used weekly Demark pivots
instead to define the targets.
Stochs indicate we are reaching the overbought area and it's wise to wait for the stochs to go above 80/85 then dive again. A break of 70 would constitute an extra trigger for the short trade.
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