Todays analysis – USDJPY- trading below weekly S/R with further downside probable, Points to consider, - Price action impulsive - Weekly S/R Resistance - Swing Low objective - Oscillators Bearish
USDJPY’s immediate price action is bearish under Weekly S/R, a bearish retest will allow for a short biased trade.
The swing low is current objective, price action exceeding thing level will increase the probability of a further trend continuation.
Both oscillators are trading in their respective bearish control territories, remaining here is indicative of weakness in the market.
Overall, in my opinion, USDJPY is a valid short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps!
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