USD/JPY broke the monthly trendline (blue dotted line) and made a new low below the resistance zone (box) taking probably out a lot of stop losses. Normally these are signs of more downside and technically it is.
With my new tinfoil hat however I see the world with paranoid eyes, and feel like we all been trapped to exit longs and even go short. Hence I have a buy order with tight stop loss below the newest low.
At the moment I have no orders, but will buy exactly now at 107.236.
I want to believe!
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LOL!
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Tinfoil my ass. It's a pure dollar selloff squeeze. Look at the monthly chart: