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USD/JPY Trend Line Retest (October 11, 2013)
USD/JPY has recently broken below the long-term rising trend line on the 4-hour time frame, signaling that the uptrend may be over.
Before heading any lower though, USD/JPY could still retrace to the broken support zone.
The US government is still shut down and the debt ceiling deadline is approaching. The lack of a deal could weigh on the dollar and reinforce the pair’s selloff. Stochastic is already in the overbought region but has yet to cross lower.
Setting a limit order for a short at 98.00 could yield a good reward on risk with a 75-pip stop and a large target of 95.00. This would yield a 4:1 ratio.
By Kate Curtis from Trader's Way
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