On daily we see an up trend that took place towards the end of 2012 and we had a trend change by the first month of 2016, in other words we had almost 3 years of up trend in USDJPY .
USDJPY was able to loss almost about 40% of what it gained in 3 years over 4 months, this is due to uncertainty of the market in the couple of past months with Brexit and USD rate hike.
I prefer more downside on this pair, with that being said, we shall wait and see what the market has in store for us.
If we break the channel, then I will wait for a small consolidation and buy. In the other hand if we break the minor channel in the 4hr I will sell till the green line, if we break that too, I will sell again after a consolidation.
We should be cautious once we reach the turncoat area. we can either face a there and head back up. or go way down.
- Sentimental data provided by Mongers Kit shows majority are Long on this pair :
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IF we get a healthy retracement back to the green line before we hit the turncoat area I might sell, if not, then we shall wait till we get to the turncoat area and look for a reversal of trend anywhere from 102 to 99 and buy.