Watch for rejection to Short
The pair has broken out of the recent smaller corrective structure to the upside and we are now headed to a large supply zone which means it's highly like that the price will be rejected around 112-114 area resulting in a reversal whcih should see price dropping to the 110 area once again presenting us a better RR and case for shorts, short entries can happen anytime so if watching look for reversal signs to enter early. Overall the pair is in a large weekly correction and there is no JPY fundamentals supporting a break to the upside out of this structure which makes me to take the upside is limited.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.