USDJPY Short, Let's try this again...
Preliminary GDP Q/Q came out today under expectation a little bit, and the yen buyers were willing to put in a little bit earlier. A strong engulfing bar on 5M (17:00 UTC Bar), with sellers immediately below it, which indicates yen buying order flow (They are placing sell stop entries below that level and subsequent signal bars).
There is a 3rd test to the upside on D chart, and I think it's a good short signal for the rest of the week at least- who knows- maybe into next. That price action resistance, combined with the less than positive prelim U.S. GDP numbers I think will be the start of a larger leg to the downside. There seem to be a lot of market making today, at least for a lower volume time like this, at the end of the year.
There is a 3rd test to the upside on D chart, and I think it's a good short signal for the rest of the week at least- who knows- maybe into next. That price action resistance, combined with the less than positive prelim U.S. GDP numbers I think will be the start of a larger leg to the downside. There seem to be a lot of market making today, at least for a lower volume time like this, at the end of the year.
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