USD/JPY Possible short 4H
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Looks like we have a possible short opportunity on the USD/JPY on the 4H chart. It is coming off a bounce of a trend line and out of overbought areas on 2 different indicators. Look for a close below the lower trendline to confirm entry.
Note
If it does break and close below the trendline it's next most logical target level would be the physiological support line of 111.000Note
20 points away from a Zero Line break on the 26 period CCI. If the pair breaks the zero line and closes below, we could be looking a pretty good downturn for the next several periods.Note
Things are going well. There was a nice break of and close below the trendline and the 26 Period CCI has broken the zero line as is currently at 113.6599. Right now the pair is sitting on a 4H support level, which I don' think will hold for long. The next target after that would be the D1 support @ 110.541. If that support fails, 110.000 is the next likely target.
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