USDJPY Outlook need to go to 110 before drop
well on the daily TF we can see that we have AB = CD pattern that complete at 109.600 area and if we see on the ratio we can see on that area is aroung 109.1-110 and not only that we can see on the rsi we can see that the market has overbought and want to go down.
H4: we can see there is Higher high on the charts and higher low on the rsi. so price will go down to 382 retracement or 618 retracement. before going up again. why going up again? because we have pattern on 110.1 area (deep crab bearish) will complete at that area.. so i will wait for sell opportunity on long term.
so in my opinion price will go up max to 110 before going down. there is a nice historical resistance at that area too on the weekly chart so price could go up first before going down :)
Trade Safe
Happy Trading
Goodluck ;)
H4: we can see there is Higher high on the charts and higher low on the rsi. so price will go down to 382 retracement or 618 retracement. before going up again. why going up again? because we have pattern on 110.1 area (deep crab bearish) will complete at that area.. so i will wait for sell opportunity on long term.
so in my opinion price will go up max to 110 before going down. there is a nice historical resistance at that area too on the weekly chart so price could go up first before going down :)
Trade Safe
Happy Trading
Goodluck ;)