USDJPY - A correction and then a rally
New week and back to USDJPY. Last week, I closed out all positions.
Right now, price seems to be consolidating, but looks to have broken a minor rising trend line. The decline could stall near 107.35 levels. Overhead, price found resistance near the upper channel line, confirmed by a lower high.
The decline to 107.35 looks like a decline back to the neckline from H4 charts (almost close to the neckline).
I've gone short with a small position targeting 107.35 with stops above the highest high. Similarly, I have a long position sitting near 107.35 and looking to build up more positions accordingly.
Right now, price seems to be consolidating, but looks to have broken a minor rising trend line. The decline could stall near 107.35 levels. Overhead, price found resistance near the upper channel line, confirmed by a lower high.
The decline to 107.35 looks like a decline back to the neckline from H4 charts (almost close to the neckline).
I've gone short with a small position targeting 107.35 with stops above the highest high. Similarly, I have a long position sitting near 107.35 and looking to build up more positions accordingly.
