USDJPY Short Opportunity
The price of USD/JPY has broken the 110.500 support area, which has now turned to resistance. The support got broken at the beginning of the month of July and reached a low of 109.600 before price rallied back. The initial support that was broken has now turned to a resistance area, which pushed price back down to 109.130.
The price of USD/JPY rallied back to the resistance area at 110.500 on Friday. Another reaction is expected from the resistance zone. The second rally has confirmed that price has gone into a range on the 4hr and the range is expected to continue.
Other currencies crashed against JPY at the beginning of last week before they all pulled back deeply. The strength of JPY is expected to continue this week.
You can short USD/JPY now and keep stops above 110.500. 109.400 can be your target on this pair.
Kindly let me know what you think in the comment section.
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