Great Opportunity to Short USD/JPY Here
A longer-term chart was posted earlier this month with a reasonably bearish tone so with that in mind there is an appealing setup for a short trade here.
The current March leg up has exceeded RSI dynamic oversold level above 60 (dynamic because oversold/overbought can shift away from rigid 70/30 levels by focusing on the longer-term trend price is currently in) and USD/JPY has reached a zone of decent resistance confluence (1.).
A more conservative area is available later on (2.) but with critical risk data on the docket tomorrow and Friday, the technical picture may have changed by then.
The current March leg up has exceeded RSI dynamic oversold level above 60 (dynamic because oversold/overbought can shift away from rigid 70/30 levels by focusing on the longer-term trend price is currently in) and USD/JPY has reached a zone of decent resistance confluence (1.).
A more conservative area is available later on (2.) but with critical risk data on the docket tomorrow and Friday, the technical picture may have changed by then.
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