USD/JPY_Potential Market Reversal to the Downside
For the last 5 months, price is moving sideways within 108.00 - 114.50 level.
Last month, price breaks down 108.00 level and previous low a bit, before bouncing back up higher with the confirmation of Bullish Price Divergence.
If projected with the recent 2 lows, price may form a Falling Price Channel with the current price is hold around its resistance confluenced with Fibo Ret 78.6%.
In H4, for the last 8 days, price is hold and rejected down from this level and moves within a Consolidation Box.
When price is moving up to its resistance for the 3rd times with a booster from NFP news released, it has been rejected down and confirmed with a huge Bearish Price Divergence in H1.
Currently in short position taken early to follow the potential market reversal to the downside.
Watch for further price action around its Consolidation Box support, if it breaks down below it, the market bias may continues the down momentum with 1st target 111.50 and 2nd target 110.00.
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