2 Potential JPY/USD longs !
Japanese Yen has been in a daily downtrend for quite some time, however, recently it has broken out the channel and has created a momentum shift. This indicates that prices may turn imminently.
The price may still go down more as stochastic levels are still around 50 meaning there is still some time to go until the stochastic becomes oversold and starts heading back up again. This bullish sign should occur soon. A good long would be around where the first green line is on the chart where prices recently broke out from.
The price could also go down even further to around where the 2nd green line is, this is where prices can form a double bottom and then break out. This also a strong zone and could be a profitable long if prices go down to this level.
The price may still go down more as stochastic levels are still around 50 meaning there is still some time to go until the stochastic becomes oversold and starts heading back up again. This bullish sign should occur soon. A good long would be around where the first green line is on the chart where prices recently broke out from.
The price could also go down even further to around where the 2nd green line is, this is where prices can form a double bottom and then break out. This also a strong zone and could be a profitable long if prices go down to this level.