I'm viewing USDJPY from a bearish perspective. We fell from a previous zone and crossed through the 200EMA. We are now under the cloud testing the 200 EMA. I think we could be forming a rising wedge.
I think over the weekend, we'll head down and see a possible reversal when the market opens back up on Sunday. I'll be looking to enter the reversal. We are approaching a cloud of resistance on the 4h that could cause the price to bounce around.
We could potentially find support on the cloud and head up, but I'm anticipating the
DXY
will lose strength.
I think over the weekend, we'll head down and see a possible reversal when the market opens back up on Sunday. I'll be looking to enter the reversal. We are approaching a cloud of resistance on the 4h that could cause the price to bounce around.
We could potentially find support on the cloud and head up, but I'm anticipating the
DXY
will lose strength.
Comment:
We moved up over the weekend, likely to retest the zone and then fall. I'll be looking for reversal patterns and candles back at the zone.