- Dollar bulls stepping aside and giving way to the yen.
- USD/JPY bears are looking for a close below current short-term structure.
The price of the US dollar has taken a hit on Monday and might be expected to remain weak as markets get set for further US data in an oversubscribed short dollar positioning.
Following the correction and deceleration, traders can move down the lower time frames for a vantage point and to exploit any bearish structure and probable resistance that could potentially protect a stop loss.
The bears are looking for a break of 10-min support and on a restest of it, the structure would be expected to act as resistance.
This makes the structure an optimal place for entering the market protected with a stop loss above the structure.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.