The Yen is approaching horizontal resistance. And the RSI is close to oversold (above 70) territory, where it reversed in the past. Looking at USDJPY for long opportunities.
It seems here we can look for short entries next week on lower time frames (1D, 4H). I was long biased until this week but it seems EURJPY wants to go lower.
Looking for a price action signal on the daily or H4 chart to short this pair.
Not sure how much further this choppy correction will take us, I am looking for shorts near resistance (see arrow on the chart).
I just entered short here (100 pips SL), profit target is 1.25 area.
Break out from short term down trend line. Support level shown on chart. This could finally be THE LT reversal. My stop is at 1.0351 to give this enough room. Looking at the 4H chart, this should not move much below 1.0375 IMO.
I'm inclined to short GPBUSD tonight when the market opens. Sitting right at resistance.
If we close below 30 on the RSI and later close above it, we have a RSI buy signal. Besides that, the Dollar is at or near a strong support level. Need to watch EURUSD for shorts at the same time (I'm not trading DXY).