USDJPY – Down
The pair on the 4Hour chart above went down below a supportive zone 113.60-113.52 with a big red candle, price pulled back to the just broken zone but could not penetrate above it and was rejected. Right now it is retracing to the zone and I expect nothing but a rejection within it for bearish momentum towards 112.72 and a possible breach below this line for a further decline in price towards 111.82.My advice, wait for a correction to 113.60-113.52 to pick short positions with your take profit at 112.72 and stop loss around 113.94.As long as price is contained below 113.60-113.52,only short positions can be advisable.
Wait for a correction to 113.60-113.52 to sell USD/JPY.
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