USD/JPY just bounced off previous Demand Zone. We are looking for a move back down to the Zone and then a bounce up again.
Looking to set a Limit Buy in the 108.500 area.
Profit target will be the 200 MA.
There is a zone of Supply putting downside pressure on the pair. After a big move up to the Zone area, sellers should come in strong within the next 3 bars or so.
Stop Loss would be a bar closing outside the top of the Supply Zone.
Profit target would be the Demand Zone, unless another Demand Zone forms before then.
Yen is ready to Short. We have Overbought condition on the Stoch RSI with strong selling volume appearing. Additionally, there is Hidden Bearish Divergence also present. Target is Oversold condition on Stoch RSI. Exit if Strong buying volume appears.