Yen Traders Should Watch for Reversal Bottom

Now that the USD JPY is nearing a key support area, short traders should be aware of a possible closing price reversal bottom and take precautions to prevent a possible retracement.

Now that the USD JPY is eight weeks from the top and nearing a pair of bottoms at 87.11 and 87.09, short traders should begin to watch for a possible daily closing price reversal bottom.

Although the main trend will not turn up on the daily chart until 92.53 is penetrated, shorts face giving back gains to 90.38 to 90.89 if a closing price reversal bottom is formed at 88.23.