Forexzilla.org

Very interesting situation from today. After a massive rally in USDJPY the market was in an extremely overbought condition as you can see from the RSI and Stochastics readings above 70 and 80 respectively. A few candlesticks reversal patterns show that the market reached a point of indecision and a correction is in the cards. We place a sell order below the lows of the candlesticks @ 93.74 and a protective stop loss above the figure @ 94.04. As you can see a nice profit of 40+ pips could be gained in 30 minutes.