FX:USDJPY On the Yen we Have a Clear Break and Retest of the Ascending Trendline. On a 4h Time frame we also have a cross of the Moving Averages to the Downside telling us of Bearish Actions.
We have a series of Lower Highs and an Incomplete double Top Formation as well.
I will be Looking to Enter on an Hourly Timeframe when and If I can see Bearish Action...
USDJPY Long. Retest and Bounce from Trendline. 61.8 Retracement. 1H Price closed above 6 EMA signalling bullish Momentum. Price Sold off sharply prior to test trendline then carved out new low. Potential to Reach -27% Extension Target.