USDJPY: Neutral, with a bearish bias

In this chart I analyze the price action in USDJPY's weekly chart.
It appears like we have formed a balanced distribution after the lowest low in the recent selloff.

Despite this not-falling situation, rgmov continues to suggest the enviroment is overall bearish, so I'll look into fading exremes in lower timeframes, using CCI and Rgmov signals as confirmation.

Pattern traders might find an abundance of bearish patterns with the PRZ near significant profile levels, like the high and low volume nodes.

It's interesting to note that the 10 period moving averages of the highs and lows are bearish, and that the speed lines drawn using the 0.5 and 0.618 levels, and the highest and lowest price from the top as reference contain the bars in the advance as well.

Hope you find this of use, regards,

Ivan Labrie
Time at Mode FX

Trade active:

Placed a small short here, sl above the mode.

Comment:

In pain but not stopped, still technically valid. Might cut it in half soon.

Trade closed manually:

I'm out with a 0.17% loss. I'll wait.

Comment:

I'll publish a new idea, the short is invalid it would appear. The weekly downtrend expires on Friday, it's highly probable that it breaks the mode up and we get a nice short at the top, but not confirmed yet.