Quadricolor

USDJPY Channel & Fibonacci respect and RSI oversold. Cover short

FX:USDJPY   U.S. Dollar / Japanese Yen
The USDJPY is in a bearish trend since the beginning of 2017 as suggested by the trend channel. The price has recently respected a long term 61% retracement at the same time as respecting the bottom lower channel of this trend at point A.

The RSI is also oversold. These indications suggest cutting long term short positions, but not necessarily going long as the long term trend is still bearish . There might be some volatile swings around a sideways move or a swing upwards towards the upper channel line, over the next few weeks.

With the global social economic looking volatile, as well as variable economic data, my guess is volatile sideways swings. Therefore I am neutral (staying out, cutting short positions, not taking long positions), until the upper channel is neared, then I will turn bearish , looking for opportunities to go short.
May 04
Comment: I certainly missed out by not going long here. However the trend is at the upper channel line. This represents an opportunity to now go short.
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