My Current Open Active Trades: CADJPY, NZDJPY, XAUEUR, TSLA, VXZ & 2 Vanilla FX Options (EURJPY & AUDUSD)
USDJPY – Volatile Corrective Structure, Looking to Sell (daily chart)
After the USDJPY formed a corrective structure around 105.63, the pair broke down and sold off impulsively towards a yearly low around 103.50. For now the pair is in a volatile corrective structure but should see bearish pressure remain in play.
I’m looking to sell and am watching the price action to sell on strength. 105.63 should act as a key role reversal level and be the first major layer of defense for the bears. Only a daily close above 108 negates my ST & MT bearish bias.
GBPJPY – Bearish While …... Keep reading