CapMoore

118,50-119 Level Is Critical Going Forward

FX:USDJPY   U.S. Dollar / Japanese Yen
3
Bearish TK cross, kumo cloud still supporting. A close below may be
the starting point of larger correction. Note that the Kijun sen
(White line) held resistance . Blue bar is the bias from yesterdays close.
If price breaks above the Kijun line, we may see another run at the
high or Monthly R1. On Weekly timeframe the large ABCD has
been completed pip to pip with a minimum target at 111. Also
currently Weekly S1 has held as support, at 119 which it should
if uptrend to continue. A close below will likewise (along with a
kumocloud break) signal further losses. A weekly bearish engulfing
pattern would be perfect as signal of triggered ABCD: