USD/JPY Short Opportunity from Structure
USD/JPY is nearing a zone that could provide a good short opportunity
-Price action is approaching resistance from a multi-month trend line that goes back to February.
-As shown on the chart, there a previous structure zone where support turned into resistance.
-The MACD and RSI is showing bearish divergence, with both reaching lower highs while price action hit higher highs.
-After the strong price advance over the last several days, we may be seeing at least some retracement, or a continuation of the current downtrend.
-Price action is approaching resistance from a multi-month trend line that goes back to February.
-As shown on the chart, there a previous structure zone where support turned into resistance.
-The MACD and RSI is showing bearish divergence, with both reaching lower highs while price action hit higher highs.
-After the strong price advance over the last several days, we may be seeing at least some retracement, or a continuation of the current downtrend.