Mapping out the USDJPY
Looking for high probability trade setups, the USDJPY made it back onto our watchlist.
Although it's trading in a consolidation, the path is obvious with the well-defined boundaries to both sites.
We just saw a rejection of the 116 level together with a RSI divergence.Although this is a bullish signal, as long as price is in the range, it's not a signal.
A break of 118 will have us looking at long opportunities. A break of 116 to the downside will get us interested in shorts. Good to have this pair on your watchlist. Especially with all the bearishness brewing up everywhere else.
Although it's trading in a consolidation, the path is obvious with the well-defined boundaries to both sites.
We just saw a rejection of the 116 level together with a RSI divergence.Although this is a bullish signal, as long as price is in the range, it's not a signal.
A break of 118 will have us looking at long opportunities. A break of 116 to the downside will get us interested in shorts. Good to have this pair on your watchlist. Especially with all the bearishness brewing up everywhere else.
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> Trend Rider indicator: tradeciety.com/trend-rider-indicator/
> Free weekly trading webinar: tradeciety.com/webinar/
> Free blog: tradeciety.com/blog
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