USDJP LONG 1H
More downside is definitely on the table. However, I feel that the correction from the previous wave downward from 137 is not finished retracing. However, .38% retracement towards the downside is highly possible and see price move downward from here, but if candle breaks above upper extreme, then that 38% retracement has a good chance of being invalid and 50% retracement will be on the table. Clearly if PA doesnt break above upper extreme, then expect some movement towards the lower extreme and the long entry invalid.
In addition price action is seeing some attraction towards the 200 MA, and I feel with some volume over the upper extreme and finding support above it would be a safe buy signal with a 2:1 RR towards the 200MA gap close.
In addition price action is seeing some attraction towards the 200 MA, and I feel with some volume over the upper extreme and finding support above it would be a safe buy signal with a 2:1 RR towards the 200MA gap close.
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