Possible Short on USDJPY
The 4H chart shows USDJPY price to be climbing since late August. The two longer thin black lines show price has been in an ascending wedge pattern. At point 'A' price first closes below this wedge (bearish warning), but retreats back in at 'B'. Also, if you'll notice at 'B', this was the first time price did NOT touch the top trend line (bearish sign) then with a long bearish bar, closed back outside the wedge. The point at 'A', I drew a more gradual trend line to see if that correction would support a more gradual uptrend. Price has fallen below that, a retested that line with a bearish 2-bar reversal signal for a short on this pair.
If price were to close back above either of these trend lines, this would likely be a confirmation that the uptrend is about to resume.
Look for a target at recent major support around 106.60-.80 area.
FOMC later this week as well to tip toe around.
If price were to close back above either of these trend lines, this would likely be a confirmation that the uptrend is about to resume.
Look for a target at recent major support around 106.60-.80 area.
FOMC later this week as well to tip toe around.
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