USD/JPY Overbought

FOREXCOM:USDJPY   U.S. Dollar / Japanese Yen
Due to the chaos caused in the markets this week by the Reddit group/Gamestop stock buying there have been big unexpected moves that have ruined some ideas on here. The markets have started calming now so expect some retraces.

This is very much over bought, RSI is at 77 so expect a pullback soon. I have marked the next high with the blue line which is the highest I expect this to go before a pullback but the pullback may come before reaching this. My TP is at 0.5 Fib which aligns with a previous resistance at 104.000. If you want a safer target you can use 0.382 Fib. SL can be just above the blue line marking the previous high. Wait for sing of a pullback using the MACD and EMA's and 1HR timeframe if needed.


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