Short Term Trading Idea – USD/JPY

Sell 105.90 Stop at 106.40 for 105.10

The decline from the high of 107.05 seems incomplete at the moment. The rally could be a correction unless price can move above 106.40, which will negate the bearish view. The rally also seems to be capped by the Fibonacci 62% of the decline from 106.65 to 105.10.

MACD is still bearish The fast line of MACD could be turning down as well, hinting that the corrective rally could be over and another decline is in store. The next decline should bring price to 105.10 or slightly lower.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.