Hi guys, today that markets are closed i thought i could share my outlook on USDJPY for the upcoming week: as you can see on the chart price has recently broke to the downside the previous support level, this means price is telling us it wants to go lower. Of course we shouldn't chase price, instead we should wait for it to come in our comfortable zones, like previous support that could turn into resistance. While coming there, price could form a simple consolidation pattern (like a flag, traingle or wedge). A break to the downside of that pattern would mean a continuation to the downside, where we have actually a lot of space. I'll update soon.
If you want to ask questions or share your view, go ahead and comment below. Otherwise, see you in the next chart!
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Actually, as i went down on 1hr chart, there's a flag pattern already broken to the downside, so if there won't be an invalidating gap, i'll be paying attention to the yellow zone:
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The train has left without us, price never retraced enough.