USDJPY has made a retracement to the 0.618 fib level, which is also a previous support level now acting as resistance, and the 200 MA is acting as resistance as well
As we can see there is confluence at this area and i believe the price will go down from this area
COT reports are also showing that institutions are bullish on the Yen and bearish on the Dollar, which means USDJPY is likely to go down
There is still a lot of volatility in the market, so a smaller position should be the right thing to do and we should have a wider SL than usual.
RSI is overbought as well :-)
As we can see there is confluence at this area and i believe the price will go down from this area
COT reports are also showing that institutions are bullish on the Yen and bearish on the Dollar, which means USDJPY is likely to go down
There is still a lot of volatility in the market, so a smaller position should be the right thing to do and we should have a wider SL than usual.
RSI is overbought as well :-)