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.

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Buddhist, Trader and Philanthropist

I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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