USDJPY - Long on Daily Chart

FX:USDJPY   U.S. Dollar / Japanese Yen
The Candle prior to the latest bounced from the siginificant psychological support at 100.000, and the most recent candle appears to be forming a Harami. (see basic candlestick set ups).

Moving down to the oscillating indicators, the Yen seems to have reached a state of overextended strength inidicating a likely time for a reversal, while the Dollar and other currencies having weakened since the beginning of September.

Relative Strength ( RSI ) has also reversed direction and is heading out of oversold territory.

I am waiting for the current daily candle to close and will likely take a long position on monday.

Good luck, its like a jungle out there ;)

Oliver R Evans


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