USDJPY has failed to breakout on multiple times after breaking out of an uptrend to the down side on the lower time frames. US-Shino trade optimism has kept the USD hoovering around the same price not giving much clue of where it's heading on the lower time frames. But If we look at the higher time frames, such as the 1D and 1W time frames we can see it clearly. There's a lot of bearish pressure despite this trade pessimism, so we should expect the USDJPY to drop to weekly support. This way we can come back up and shut the gap it left previously on the 1D chart, completing a " W " pattern on the weekly chart.
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Note : The short Idea only applies to the first movement which applies to the following weeks. The USD will or might gain some bullish strength once 106.451 has been reached.
Please don't forget the Monthly chart while it is still showing the bullish bias above 108.40 to108.70 area. if a weekly candle closes below the area with a minimum rejection. Then it will open the door to 106.45.
UnknownUnicorn6229869
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Eek I have 2 buys at 1512 and 1511
UnknownUnicorn6229869
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I really hope it doesn’t fall, I see it still being bullish
RandyFuego
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@Joemalin1, Price has been rejected three times at 109.638 which means that it has a triple top. This means it will very likely fall big time.
RandyFuego
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@Joemalin1, Here's the sell confirmation. Price closed below the channel up, confirming the bearish bias.