Usdjpy has basically been Ranging at the top of an uptrend in between 107.890 and 107.400 indicating that price is in a Distribution phase and we can probably expect some Usd weakness or even a complete reversal. As of last week, we saw a break of this range and an immediate break back in retesting the top of the range acting as resistance. I am personally looking for shorting opportunities ultimately targeting the bottom of the range @ 107.400 however there are a few levels of interest along the way (107.600). For now my focus is on getting a valid entry on a lower time frame, patiently waiting for price to retrace deeper into resistance for the best possible risk to reward.
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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.