Since last Friday till now we have seen lots of USD, JPY pairs gaining strength across the market.
Market has pushed quite a bit and I suspect more strength to come in the near future for USD and JPYs.
Here on GBPJPY, very clean price action is forming in favor of a bearish sell opportunities.
From the higher time frame, price is at the top of current structure, no signs of continuations. Could be possible at the beginning to resume the bearish move from previous impulse phase.
On the lower time frame, after price hits the previous swing highs from a bullish up move, price quickly revered down after creating a double tops. Strong bearish phase down, naturally will need to correct for further sell.
Often these sharp impulses we see, can correct either just as a smaller corrections on the lower time frames and continue or sometimes they can create larger consolidation correction that may take days to form, but can resume the downside with more momentum.
Be on the look out for these development and confirmation before entry.
The information is detailed and quite concise. Thank you for the idea! It would be interesting to know the complete list of tools you use in your analysis.