USD/JPY - Supply Zone Drop Off! Short
U.S. Dollar/Japanese YenFXCM
Description
⋅ Trade Suggestion
- Overall trend is bearish, giving more indication on high probability sell off opportunities
- JXY index (Japanese Yen) is showing bullish strength for the currency
- DXY index (US Dollar) is showing bearish weakness for currency
Technical Analysis:
- Price has reached previously tested supply drop after bullish surge and breakout over consolidation area
- Overall trend is bearish as 50 EMA is above price acting as resistance on D1 Timeframe
- Supply zone is aligning with 50.0 fib level, adding bearish confluence to my short analysis