USDJPY looking overbought short term
July 30, 2014It is expected to be a very slow day ahead of the FOMC, with the only real exciting data event to look out for being the ADP report. However, I think there is a short term opportunity to sell USDJPY. The main reason being, we are sitting near the July highs, in what seems to be a range bound market. In addition, we are overbought on the M30, H1 and H4 charts. I have sold some with a stop at 102.75, targeting 101.30, but all eyes will be on the FOMC. I have attached a chart below of the USDJPY dailies.







