Price is in an overall downtrend initiated on 2.15.2017 with a Morning Star formation on the Daily at Weekly and Trend Line resistance level of 114.900. There are multiple confluences indicating that the USDJPY will fall further. I see no reason to buy this pair.
Sell Confluences :
- Key level rejection at 113.700 indicating bearish trend. (Medium)
Price is moving toward 50% Fib Level. 50% Fib Level is also weekly key level. Sydney market open initiate uptrend off wedge pattern breakout. London market open is expected to move price higher, possibly to 61.8% Fib Level.
1) Monthly Key Level rejection indicating trend reversal (Strong)
2) H1, H4, D... Morning star formation at monthly key...