1M Even though the previous month had a nice positive push, it could not overtake the previous candle and the was high, but less than previous candle. Every indication the bears are still in control and the downtrend continues.
I believe there will be a continuation. Let's assume I am correct. The question then is will USDJPY correct before a continuation and if it does, is it significant enough to trade? I don't know. I still planning on entering long IF there is a strong candle where the strong support holds. The risk/reward is too favorable. HOWEVER, DailyFX has USDJPY 77% of the sentiment long. That has me thinking, maybe I should go the other way. Everyone is thinking the same way i was thinking. We all are seeing the strong support. Yet, look at the 1M and 1W charts along with the sentiment and I start to lean and think USDJPY may blow right through that strong support.