USDJPY - 240 - If it stays there, it's time for some down-time
Trade Alert
During the European morning, USDJPY started selling off heavily, breaking its short-term upside support line, taken from the low of the 6th of September. Now the focus could shift towards the bears, if the pair will remain trading below that line until the close of today's daily candle. This could lead to a deeper correction, where we could aim for the 112.50 support zone, marked by the low of the 27th of September.
Alternatively, for us to get comfortable with the upside, we would need to see USDJPY traveling all the way back above the aforementioned upside line, but for a better bullish confirmation, we would wait until we see a close above the 114.05 area.
Don't forget your SL.
During the European morning, USDJPY started selling off heavily, breaking its short-term upside support line, taken from the low of the 6th of September. Now the focus could shift towards the bears, if the pair will remain trading below that line until the close of today's daily candle. This could lead to a deeper correction, where we could aim for the 112.50 support zone, marked by the low of the 27th of September.
Alternatively, for us to get comfortable with the upside, we would need to see USDJPY traveling all the way back above the aforementioned upside line, but for a better bullish confirmation, we would wait until we see a close above the 114.05 area.
Don't forget your SL.