I think USDJPY's uptrend this year is finally over and that's it. Stopped exactly where it reverses violently from that 152 area.

Now that the US Dollar has a proven correction phase backed by cooling inflation and weakening economy, I think it's time to short this pair.

I like to open a sell position through a rally attempt for the remainder of Friday till Monday opening because the lower timeframes already printing oversold meters at least on the short-term basis.

Zoom out on the daily, going back last year's similar high, we can exactly tell how violently USDJPY price retraced all the way down to the start of 2023 at 127 then roared up to this month's high. This gives the sellers more favor in their way.

Entry will be a good try at 150.80, profit targets 146.80 and in case US dollar bulls defend 150 well and reverses the gear again, we put a stop loss at 152.80 for a 2 to 1 risk reward scenario.

Going to wait for the USDJPY to recover first and of course, price might go lower first before our target gonna be hit but a suspected rise again will only prove the buyers' last grasp before the sellers will eventually overrun them.

USDJPY Yearly High Rejection - US Dollar Weakening

Nov 17 2023

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