That's some pain
It was bound to happen, but the vehemence was surprising. USDJPY lost almost 200 pips within a day and made little effort to defend itself against the raging bears. By evening, the pair was literally down - exhausted and beaten.
The last trading hours seem to take away any hope for the bulls.
The price knew only one direction in the past weeks - up.
It is clear that the Big Boys have to throw the late longies out of the market. Accordingly, the overdue correction is now painful.
Nevertheless, it can be assumed that the bulls have not yet given up on the USDJPY, but the contrary: The longer-term uptrend is intact and a new approach to the highs is likely.
An opportunity to go long exists at the next H1 order block around 141.70. Traders could trade this area with a tight SL and then head for the highs.
However, it cannot be ruled out that the market runs to the lows of mid-June 2023, so that this correction becomes really painful for the bulls.
At the latest there, however, an end of the temporary downward trend and a renewed approach of the mark around 145.00 is to be expected.
The last trading hours seem to take away any hope for the bulls.
The price knew only one direction in the past weeks - up.
It is clear that the Big Boys have to throw the late longies out of the market. Accordingly, the overdue correction is now painful.
Nevertheless, it can be assumed that the bulls have not yet given up on the USDJPY, but the contrary: The longer-term uptrend is intact and a new approach to the highs is likely.
An opportunity to go long exists at the next H1 order block around 141.70. Traders could trade this area with a tight SL and then head for the highs.
However, it cannot be ruled out that the market runs to the lows of mid-June 2023, so that this correction becomes really painful for the bulls.
At the latest there, however, an end of the temporary downward trend and a renewed approach of the mark around 145.00 is to be expected.
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