USDJPY – Role Reversal Level Above, Bearish Bias MT | Apr 21
USDJPY – MT Bearish While Below Key Role Reversal Level (1hr chart)
For most of April, the USDJPY has been below the key role reversal level at 109.87. After gaining the last two days, the pair tagged this role reversal level before drifting lower. The bearish price action thus far isn’t impulsive, so not heavy pressure to scare bulls away yet.
For now, I’m keeping my MT bearish bias in place while the pair is below the 109.87 and 111.15 resistance levels. Only a daily close above 112.50 would negate my bearish bias.
Downside ST my target is the yearly lows around 107.70 with potential scope for a move towards 105 and 100.
Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.
Want to Learn Price Action Strategies for Trading Forex?
Sign Up for our Monthly Newsletter and Get our FREE E-Book