Looks oversold and taking a long trade...
- The OANDA:USDJPY pair - the maintains its sharp slope in the 4 hr chart,
- Now nearing oversold territory, whilst the indicator consolidates around 38, maintaining the risk towards the downside.
- Also in the same chart, the 100 has extended its decline after crossing below the 200 (another sign of bears' strength).
- The monthly low set last week at 112.56 is the level to watch out for, as a break below could potentially result in a steeper decline towards the 100.00 region.
All said, the oversold position indicated a long trade for quick gain.
As usual 20-25 pips profit target. Ride with me!