USD/JPY Downtrend might be at Its End

By Anton Eljwizat – The pair has recorded much bearish behavior in the past several days. However, the technical data indicates that this trend may reverse anytime soon. For example, as I demonstrate below, the daily chart signals that a bullish reversal is imminent, and it might have the potential of reaching towards 90.00 levels in the coming days. This might be a good opportunity for forex traders to enter the trend at a very early stage and a great entry price.

• The technical indicators used are the Slow Stochastic, and Relative Strength Index (RSI).

• Point 1: There is a “doji” candlestick that has formed on the chart, indicating that a reversal should take place.

• Point 2: The Relative Strength Index (RSI) signals that the price of this pair currently floats in the over-sold territory, indicating upward pressure.

• Point 3: The Slow Stochastic indicates a bullish cross, signaling that the next move may be in an upward direction.

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