- Written by Sywa Sywa
- Last Updated: 12 October 2021 12 October 2021
- Created: 12 October 2021 12 October 2021
USD/JPY Weekly Setup 12 Oct 2021
From the Last post USD JPY Weekly Setup 27-sept-2021 The USD JPY Has since then breakout of the range, the current price as of this writing is 113.348.
From the Weekly Chart and Monthly Chart, the USD/JPY is clearly overbought, the price has break the Upper Channel Range (Green Dot), hence a good Possibility it will reverse. But The Current fundamental issues for USD is strong (Tapering, Inflation, Bond Yield Rise and possible of early Rate Hike), so even though the USD/JPY is in overbought situation to jump into conclusion to do Short Position is a bit early.
For Me personally, I don't like to go Long of USD/JPY in current situation, because that train has left. But Instead I will wait for chances to Go Short on USD/JPY.
On the Weekly chart and Monthly Chart Above, I set some possible Short Entry position based on peak of the Upper MA Channel with the Target of the Upper Range (Green Dot).
It even better to do short Position if Momentum Indicator in the Weekly or Monthly chart becomes Red.
Lets see How it Play Out !!