$USDJPY | Potential 100 PIP Move To The Downside

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USA-dollar/Japansk yen (OANDA:USDJPY)

Uppdaterad

OANDA:USDJPY USA-dollar/Japansk yen

trendanalysis harmonicpatterns chartpattern usdjpy forex supply_and_demand rsi_oversold priceaction oanda emas

Here we have the Yen reacting negatively to the CPI data just released and if you are shorting you may have nice opportunity here. As you can see from the blue lines, USDJPY has been on a downtrend consistently with lower highs from the top. In addition to that, it recently blast through a key DAILY demand zone along with a 200 EMA and closed underneath. Typical move in correlation with the down trend is more downside ahead with "effort" to the upside knocking on the swapped now demand-turned-supply zone but eventually being rejected. A safe landing would be the demand zone off of the 4hr.

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