I believe that USD/JPY will continue bearish at market open. Monday morning market open is always risky but I believe my analysis holds a strong case for it to remain bearish. Firstly on the 5 minute chart, we see a engulfing bearish candle with the overall session pushing to the downside. We are also trending below the 50 MA which to me indicates a continuation of the downtrend. This small pullback has also held up nicely on the FIB as we see strong rejections of the 0.78 and 0.5 zone.
On market open i will wait to see if we see a small retest of the zone and then look at entering for a short, targeting the recent lows. If I am sure the lows will be hit I will trail and stop my way to the bottom of the trend.
Remember this is just my opinion, take it with a grain of salt and use proper risk management.
Please comment, like and follow so I can continue to provide helpful content.
HAPPY TRADING
-MATT
On market open i will wait to see if we see a small retest of the zone and then look at entering for a short, targeting the recent lows. If I am sure the lows will be hit I will trail and stop my way to the bottom of the trend.
Remember this is just my opinion, take it with a grain of salt and use proper risk management.
Please comment, like and follow so I can continue to provide helpful content.
HAPPY TRADING
-MATT