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U.S. Dollar / Japanese Yen
Long

USDJPY Long

By alphatira
Updated
USDJPY

Looks oversold and taking a long trade...

- The USDJPY pair - the Momentum indicator maintains its sharp bearish slope in the 4 hr chart,

- Now nearing oversold territory, whilst the RSI indicator consolidates around 38, maintaining the risk towards the downside.

- Also in the same chart, the 100 SMA has extended its decline after crossing below the 200 SMA (another sign of bears' strength).

- The monthly low set last week at 112.56 is the level to watch out for, as a break below could potentially result in a steeper decline towards the 100.00 region.

All said, the oversold position indicated a long trade for quick gain.

As usual 20-25 pips profit target. Ride with me!
Trade closed: target reached
Target achieved and trade closed.
alphatira

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