Technical Analysis/Trade Ideas/USD/JPY

USD/JPY technicals: Sooner or later the contrarians will get it right

usdjpy4h     Just a glance at the daily chart will show you how overbought USD/JPY is and the attached 4-hourly chart does seem to be trying to form some sort of top in preparation for a minimum retracement to 86.70 and possibly even deeper to 85.00. Elliot-wavers may get more than a little excited by the wave count and risk-reward around 88.00 certainly favours the contrarians, despite the vertical up-trend.

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