USDJPY Long

USDJPY

Looking oversold and taking a long trade... make quick 20-25 pips profit.

- Technically although the risk is towards the downside, as the USDJPY settled well below the 114.50 level, the 23.6% retracement of its latest weekly advance.

- The price is also well below its 100 and 200 SMAs in the 4 hr chart, with the shortest accelerating its decline above the largest

- The RSI indicator consolidates near oversold territory, and the Momentum indicator advances within positive territory.

- If risk aversion persist, the USDJPY will likely end up breaking below the support level and extend down to the 112.00/20 region, the next strong static support area.

- However oversold indication suggest there is a room for quick pips on long side

As usual I'm in for 20-25 pip profit. Ride with me!