Short Opportunity with USDJPY
Rejection of resistance area and break from rising trendline are my thoughts behind why i think the pair is bearish currently. We see some consolidation at time of posting most likely because the market is waiting for the US session to open and for the upcoming fundamental data. From a technical perspective, i believe we have a higher chance of making a profitable trade by looking for a short position. Over here, i will wait for the breakout of the current identified support. Then, i will sell on the pullback. This is a short-term trade with good risk-reward ratio.
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