USDJPY
Correcting higher. Looks oversold and can make quick 20-25pips profit.
- Yen's gains extended overnight, with the USD/JPY pair hitting a daily low of 115.19, from where the pair slowly recovered ground.
- Temporal relief amid a better market mood and stocks trading in the green, although the technical picture is still short-term bearish
- The price is developing below its 100 and 200 SMAs in the 1 hour chart, with the shortest providing an immediate resistance around 116.45
- Technical indicators turning quickly lower after entering positive territory.
- The price is above its 200 SMA in the 4 hours chart, while technical indicators head slightly higher within neutral territory, well below previous weekly high and without actual strength, supporting the case for a retest of the mentioned daily low.
As usual I'm in for 20-25 profit. Ride with me!
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Target reached and closed
