USDJPY - Currently in CZ, whats next?

PAIR IN FOCUS: USDJPY
ACTION: WAIT / SHORT
HORIZON: SHORT-TERM

We have price now in the CZ after a week of melting. The CZ is where my previous analysis' TP 2 is at, which is a good S/R level as well. Looking for a rebound off the CZ to retest the S/R level before the next bearish leg. The S/R level coincides with the 0.50 Fibonacci retracement level. Should price break down from the CZ, we can expect it to fall into the TP Zone. Watch for bearish price action before any entry.

The TP level and Stop loss are indicated on the chart. Remember to manage your risk!

Feel free to discuss and comment, Cheers!

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