The USDJPY has been trending down and is currently going to test a strong support area near 129.00. This important key level is further supported by trendline support, indicating that a bullish bat pattern could be completed soon. The bullish bat pattern provides a great opportunity for traders to enter the market with a buy order.
When looking to enter the market with a buy order, we should first look to enter near the 129.00 level with a stop loss set just below the trendline. If the first entry fails, we can look to enter near the strong demand zone near 128.00 with a stop loss set just below the demand zone.
In conclusion, the USDJPY is currently bearish, but it might reach a strong support area near 129.00 offering us a great opportunity to enter the market with a buy order. If the first entry fails, we can look to enter near the strong demand zone near 128.00 with a stop loss set just below the demand zone.
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This is probably the best publication on this asset in the current market sentiment + I've seen a couple of news stories that would also support this idea. Thanks for sharing)