Finally, the USDJPY strengthening came to an end from a short-term perspective. Last Friday USJPY rallied to 151.94 levels surging past the August 1990 high followed by a high-intensive sell-off from the 32-year high confirming two bar reversal with high volume.
Intensive Intraday Sell-off
Intensive selling started during Friday’s US Market Session and resulted in sharp vertical cuts dragging the price from 151.5 levels to an intraday low of 146.18 followed by mild intraday recovery for the rest of the session.
Monthly Extreme Indications
Monthly charts are running extreme indications and the Fridays Selloff brings the question what are the odds of a medium-term trend reversal? Maybe higher odds are what one can gauge from past experience using extreme sentimental indicators.
For me, it looks like the momentum upside reversal finally came to an end. What do you think will USDJPY will enter into consolidation or a complete trend reversal in place?
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