USDJPY – Pullback To Key Role Reversal Level Profits Heavy | Feb 23
USDJPY – Pullback To Key RRL Profits Heavy (1hr chart)
In our weekly commentary, we talked about the USDJPY likely heading lower, and that there was a key RRL – role reversal level at 113.38. The pair pulled right back to this level and has since sold off impulsively communicating the bears are still in control.
As you can see from the graphic below, I’m currently short this pair currently up about +120 pips profit as we speak and all risk neutralized with some profit taken off the board as well.
For now the pair is forming a pre-breakout squeeze pattern and is attempting to eat through the bids around 11.80. If they fold, then we should see an attack on the 111 handle which is the yearly low.
Hence I’m keeping my bearish bias till we have a daily close above 113.75 while continuing to look to short further.
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