USDJPY did not move as expected in week 10, rather, it consolidated and seems to complete a big reversal formation.
In Week 10, it did not rise, but rather formed a seemingly inverted U shape, which indicates a reversal. It seems like the bull power is dying off and the trend would be moved by the Bear.
In Week 10, USDJPY still remains an unsure pair even though it seems like it can be long, but I still advised against longing the pair back in week 9.
Now with the big move downwards, I would say that USDJPY can be traded again, and this time, short it all the way down! I would be confident for the short of USDJPY in week 11.
I hope all traders to continue with a profitable Week 11 ahead. Please share your thoughts below, like and follow me for my weekly analysis on EURUSD , GBPUSD , USDJPY , and USDCHF!