USDJPY Will Go Higher! Long!

Here is our detailed technical review for USDJPY.

Time Frame: 4h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish

The market is on a crucial zone of demand 142.129.

The oversold market condition in a combination with key structure gives us a relatively strong bullish signal with goal 144.009 level.

P.S
We determine oversold/overbought condition with RSI indicator.
When it drops below 30 - the market is considered to be oversold.
When it bounces above 70 - the market is considered to be overbought.

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Comment:

Great beginning for a trade, let’s hope it goes further!