DOLLAR-YEN Strong correction before short continuation

USDJPY is currently trading below the significant price structure 113.63 which was broken below last week. This break confirms a trend change in the USDJPY. A low is in place and we expect some reaction to this move down, a Lower High is expected for a confirmation of the bearish momentum. As we know 'Price does not travel in a straight line'.
The price for today's Long entry is 112.56 which will serve as a conveyor for buyers. If this move happens, this will be a short covering rally and we expect momentum to the upside. A break above 112.56, we will open a long position with a low risk Stop Loss; 112.30.
1st Target : 113.17
2nd Target : 113.70
Alternatively, if price failed to break higher than 112.56, and slide back below 112.30 we will continue to short every rally in USDJPY from a lower time-frame.

ความคิดเห็น:

We have been watching price closely above or long point. We have observed that sellers are not budging and more downside is likely than upside below the current price 112.68.
The fair deal is to break even and eliminate the initial risk, if price continue upside we are good, if not a rollover below the long point 112.56 which will eventually close out our long position at Zero loss, will open a gap for more sellers to step in. The big price to the downside still remains, 112.30.