USD/JPY – Next leg lower could be short lived
Pair appears on track to take out 110.00 levels.
Such a move would trigger stops, leading to a quick fire drop to anywhere between 109.72 (monthly classic pivot support 2) and 109.40.
But, beware the spot could make a quickly retake 110.00 handle as the daily RSI is oversold for the first time since July 2016.
The ADX line has bottomed out and is pointing upwards, which suggest the bearish move is gaining strength.
Such a move would trigger stops, leading to a quick fire drop to anywhere between 109.72 (monthly classic pivot support 2) and 109.40.
But, beware the spot could make a quickly retake 110.00 handle as the daily RSI is oversold for the first time since July 2016.
The ADX line has bottomed out and is pointing upwards, which suggest the bearish move is gaining strength.
