USDJPY Potential Short Signal

FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY             has been in a pretty strong down trend since the beginning of 2016, consistently making lower lows and lower highs. Recently, we just broke out of a corrective consolidation zone marked by a grey rectangular box on the char which means that there is a lot of selling pressure pushing price action lower. A break below this current short-term uptrend may bring in a lot of downside momentum that will offer a high probable trading set. If we see a break below this up trend with confluence of a move to the downside from our price action forecasting algorithm with a chance performance prediction of 85% or higher we will initiate a sell position on this pair.

Currently our algorithm is forecasting a bit of consolidation with a chance performance prediction of 83%, however this forecast will update every hour on the hour so we will continue to monitor the updates and price action to see if we get the signal to go short. See the link below for an image of our algorithm's most recent forecast.

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