fractal_trader
Short

USDJPY Daily: Pair closes at low of week, but divergence forming

FX:USDJPY   U.S. Dollar/Japanese Yen
As indicated, this pair is closing out the week at its low, looking like it is very bearish . For the coming days and maybe even weeks this may be true, but a divergence on the daily chart is forming already. New lows can be expected, but because not a lot of steam is left (indicated by Momentum Oscillator), you probably won't see a rapid down move following next week.
As long as we see price staying below the balance zone (moving averages) on the daily and weekly, the overall trend direction will remain down. This is very important to keep on trading with the trend and not bug it.
On the weekly it even seems some more room to the downside is left, let's see how far prices will take us with that divergence forming on the daily!
Comment: 4 days have passed, and there IS a rapid move downwards. In the original post I said it's not to be expected - as you see, what the heck do I know. I just trade the trend, follow the system and market, the rest is nothing more than an opinion. Make sure not to trade it!

Enjoy the profits on the JPY pairs!
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