The behavior of USDJPY, is now showing the development of a potential W formation second leg.
I closed my trade at break even as I didn’t want to sit through the price action in Asia…
Now the 109.305 is the absolute zone price could come down to and form and form full formed second leg of W.
As the EMAs are flat the direction is not clear.
If they continue back up wait till the 109.805 zone to be broken and if a retrace of the 13 ema is formed. If it closes higher we may see a continuation from that point.
Fridays are tricky days to trade USDJPY…
There are no news announcements due out today that have a big impact on USDJPY…..
Today they may range out…
Mad love
T
