I am not sure if this is just some temporary consolidation, or still building of a local top, but there are some warning signals to be cautious with USDJPY longs.
Daily:
- Heikin-Ashi candles in a row: small doji, long wicked doji and another small doji today, all with appr. same mid value.
haDelta+ indicator (which is a smoother haDelta to filter whipsaw crosses) points down and has built some negative divergence.
- MACD is close to cross down, histogram is down to zero.
- Price is still too far above Kijun Sen (26 days avg)
4H:
- Ichimoku structure is still bullish, but market seems to be losing its momentum, as spikes to 114,50 got sold three times already.
- haDelta and haDelta+ point down, close to zero and some negative divergence is building.
- EWO is another question. The indicator is still in bullish zone, but the wave momentum has dropped a lot.
First support is 113, below that space opens to 110-111.
Daily:
- Heikin-Ashi candles in a row: small doji, long wicked doji and another small doji today, all with appr. same mid value.
haDelta+ indicator (which is a smoother haDelta to filter whipsaw crosses) points down and has built some negative divergence.
- MACD is close to cross down, histogram is down to zero.
- Price is still too far above Kijun Sen (26 days avg)
4H:
- Ichimoku structure is still bullish, but market seems to be losing its momentum, as spikes to 114,50 got sold three times already.
- haDelta and haDelta+ point down, close to zero and some negative divergence is building.
- EWO is another question. The indicator is still in bullish zone, but the wave momentum has dropped a lot.
First support is 113, below that space opens to 110-111.