FX:USDJPY U.S. Dollar/Japanese Yen
I would wager lots of people see what I see with PRICE at extremes, so no surprise BULLS are thinking twice about moving it higher just yet. Doesn't mean the move is over by any means but like everything in life we have been conditioned to want discount before buying . . . hence FIBS although I believe 1/4 and 1/3 and 1/2 are just as pertinent. The daily candle says it all and although not complete, I would have thought the US would have taken it higher by now if they were going to . . . . patience, patience . . . the day's end and tomorrow will give a far better insight to the future and the USD has had a good run recently so no time to greedy . . . patience, patience.
Comment: NB: The Black and Red lines are the 10 and 20 EMAs . . . MACD use 12 and 26 with a 9 smoothing but there's little difference and I like round numbers. When the Black crosses above the Red, it's as if MACD line has just crossed "zero" line. Look to the left on the daily and see how PRICE hugs the 10 EMA line never escaping that far from it without pulling back where "value" returns to PRICE and so do the traders. Just another reason why I think it's time for a pull back . . . looking at the chart right now, no-one seems to be that bothered as it goes higher again !! . . . hey ho . . . we'll see :)