USD JPY -- potential for a long here.
The histogram on MACD has already created the largest negative side bar and is about to cross on the negative side, making a buy a good opportunity.
RSI is fairly oversold at around 30, contributing to making this a good buy.
Additionally, it is at a key market level that the currency pair has been respecting as a floor for now.
The first target would be the current downtrend line (58 pips) and the second target would be a 38.2% retracement of the full downward structure. (About 100 pips)
The histogram on MACD has already created the largest negative side bar and is about to cross on the negative side, making a buy a good opportunity.
RSI is fairly oversold at around 30, contributing to making this a good buy.
Additionally, it is at a key market level that the currency pair has been respecting as a floor for now.
The first target would be the current downtrend line (58 pips) and the second target would be a 38.2% retracement of the full downward structure. (About 100 pips)
Trade WIN.