USDJPY seems to be moving in line with DXY for the time being. Three key points I have been watching:
1. Price hit a high of 114.465.
2. Price traded a pip lower at 114.455. The failure to breach higher is a good sign that we might be seeing exhaustion to the upside.
3. This is where I think downside momentum is picking up. Price just hit a high of 114.355, which is lower than before. The dominant bearish bar is a good signal that we should anticipate a breach below the 114.04 boundary.
1. Price hit a high of 114.465.
2. Price traded a pip lower at 114.455. The failure to breach higher is a good sign that we might be seeing exhaustion to the upside.
3. This is where I think downside momentum is picking up. Price just hit a high of 114.355, which is lower than before. The dominant bearish bar is a good signal that we should anticipate a breach below the 114.04 boundary.