USDJPY – Close Below Key RRL Increases Bearish Price Action Bias | Jan 12

My current active open positions: USDJPY, EURUSD, AUDCAD & AUDNZD

USDJPY – Close Below Key RRL Increases Bearish Bias (daily chart)
Continuing with our bearish call on the USDJPY while below the 116 key support level, the pair has now sold off 6 of the last 7 days after failing to break the yearly highs around 118.

With broad USD selling as of late, the USDJPY is turning more bearish by the day. A close below the key ST RRL around around 114.91 would further dent the bull case and open up fresh downside IMO.

I’m suspecting now a move in the price action towards 110 is more likely vs. a move back up to the yearly highs so am holding my short position.

Only a daily close above 117 would negate my ST bearish bias.

Check in with our members commentary for updates on how I’m trading this.

usdjpy price action 2ndskiesforex

Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.

Verified Profitable Trader

Hi, I'm Chris Capre, Founder of 2ndSkiesForex. I've turned $3,000 into $83,000 in my first 6 months of trading. I'm a verified profitable trader and trading mentor. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action and the Ichimoku cloud. As a trading mentor, I have one goal: to change the way you think, trade and perform using 18yrs of trading experience and cutting edge neuroscience to wire your brain for successful trading. Want to improve your trading edge and mindset? Check out my trading courses here.

Related Article