USD/JPY is in a strong uptrend on higher timeframes.
After a 0.5 Fib retrace on the weekly , the chart seems to be exhausted for more shorts.
Also the Downtrendline on the 1H and 4 H Chart has been broken for a movement to the upside again.
RSI on H4 is oversold.
I will wait for a 78.6 Fib retrace and a retest of the DTL before entering a possible buy position.
After a 0.5 Fib retrace on the weekly , the chart seems to be exhausted for more shorts.
Also the Downtrendline on the 1H and 4 H Chart has been broken for a movement to the upside again.
RSI on H4 is oversold.
I will wait for a 78.6 Fib retrace and a retest of the DTL before entering a possible buy position.
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