USDJPY Possible Reversal Long Setup

FX:USDJPY   U.S. Dollar/Japanese Yen
USDJPY             looks to be presenting us with an opportunity to get long with a reversal of the longer term down trend being part of the drive behind this setup.

The support areas to note are as shown around the 50% and the 61.8 retracements. Another support area for a second opportunity if price fails is indicated at the bottom right - price has confirmed this support on many occasions over the last couple of months.

The RSI is expected to retreat with price until it hits oversold positions and depending on the pair's positioning on the chart at that moment, we should have a clearer view as to if and when a position should be taken.

Since the dollar has a weakish sentiment around it right now, it is wise to watch this space with care especially with the major events on the horizon in the US which are likely to affect volatility.

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