Considering the order flow from a day traders perspective ,price has been finding it way to the downside indicating the strength of the YEN over the USD .
That being considered hence the eminent bias to short the pair ,but caution should be put in place due to the upcoming CPI data and after that both zones should be watched closely
1. Price is being held resisted at the 106.40 price level. We see that price crossed temporarily above this level and quickly sold off lower. Price is retesting this level again and is being held resisted.
2. I see this as a good place to enter short for a decent R:R.
Hello Friends
We are looking bearish on USDJPY, you can take short entry from current position and sell target is 106.80.
also 30MA cross with 100MA and Stochastic RSI are overbought. We have opportunity to get profit.
This pair is more likely to go ranging this week, but by next week, I'm looking forward to its drop considering the increasing appeal of risk haven assets like JPY and gold recently after the news about US and China trade war. Shorting this pair with 1st TP at around 103 and 2nd TP at 100, while SL at last week's high...
