USD/JPY - A Line in the Sand or two in this Case ;)

Technical

• With a Potential Double Bottom and RSI Divergence on 4 Hour Chart which might tempt people to go long,but i personally will prefer to stay neutral to short for the moment and watch the 100.75 - 100.95 zone which seems to be the dividing line between bulls and bears atleast in the short term.
  

Fundamental

• With recent FOMC minutes showing that a September Rate hike is highly unlikely which will keep the USD under pressure for few months to come.
  
  

Sentiment

• Too many people are Short the Dollar in very short run in my opinion.
  

Conclusion

This potential Double bottom and RSI combo could produce a nice rally and a possible squeeze required to throw some weak shorts out of the system.


Happy Trading Everyone
Manage your Risk :)