Fundamentals in favour of USD with the exception of dollar crash
Retail sentiment currently bullish (most retail traders lose money)
since sentiment is bullish this will likely lead USDJPY to continue bearish
Trade idea:
scenario 1 wait for market to break counter trend bearish,
after break wait for retest of resistance and wick rejection then
enter short
scenario 3 wait for market to break above down-trendline
after break wait for low and retest of support,
after wick rejection enter bullish
Stop loss will go below structure
Take profit 3x risk
Retail sentiment currently bullish (most retail traders lose money)
since sentiment is bullish this will likely lead USDJPY to continue bearish
Trade idea:
scenario 1 wait for market to break counter trend bearish,
after break wait for retest of resistance and wick rejection then
enter short
scenario 3 wait for market to break above down-trendline
after break wait for low and retest of support,
after wick rejection enter bullish
Stop loss will go below structure
Take profit 3x risk
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