Possible short opportunity on USD/JPY.
Price has broken the triangle pattern and has now reached resistance at 104.70. We have seen a slight indication of bearish rejection at this level.
So, if bearish rejection at this level is strong, a break in the trend line may call for a short opportunity down to the 103.65 level.
Caution around the 200 day EMA as this may act as support and see price turn bullish.
I will look for strong 4H closed bearish candles for confirmation of rejection as well as signals from the MACD and RVI
Price has broken the triangle pattern and has now reached resistance at 104.70. We have seen a slight indication of bearish rejection at this level.
So, if bearish rejection at this level is strong, a break in the trend line may call for a short opportunity down to the 103.65 level.
Caution around the 200 day EMA as this may act as support and see price turn bullish.
I will look for strong 4H closed bearish candles for confirmation of rejection as well as signals from the MACD and RVI