USDJPY Double Bottom|Bullish Divergence|Range High|Price Action

Evening Traders,

Today’s analysis – USDJPY- establishing a probable double bottom with range high target.

Points to consider,
- Trend double bottom structure
- Range low support (Double Bottom)
- Range high (Resistance)
- Oscillators Divergence
- Oversold Conditions

USDJPY’s immediate price action is bullish establishing a double bottom formation, a typical reversal structure. This allows us to have a bullish bias on the market.

Range his is the immediate target, a respect of this level will establish a bearish retest.

Both oscillators are showing bullish divergences at current oversold conditions, price is likely to lead an oversold bounce.

Overall in my opinion, USDJPY is a valid long with defined risk; price action is to be used upon management/ discretion.

Hope this analysis helps

Thank you for following my work!

And remember,

“Hope is bogus emotion that only costs you money.” – Jim Cramer