I know… USDJPY is overbought. The RSI is above the 70 level, indicating an overbought condition in the USDJPY. RSI in USDJPY has not been this high since October 2022.
The problem is that USDJPY has been overbought for the past 6-7 days. During that time, the price moved up for most of those days (only one day with a minor move lower).
As a result, traders who sold overbought are losing and losing big.
So how do you trade USDJPY in this situation?
In this video I outline how to do it, where if you go wrong, you lose little. If you are right and pick a top near the upper resistance target and to the right, you have a great trading position to take advantage of the downward correction.