USDJPY probably will break the range in the next couple of hours. Good confirmation will be if the price reaches the strong resistance of 123.50 and there sellers attack with strong price action.What is the supported thesis for the expected turndown of USDJPY:
- on 1H time frame from 28 to 31 March there are 5 impulsive waves down
- price is in a tight range in the past 60 hours without indication of uptrend power
- corrective zig-zag formation with expected strong resistance at 123.50 area
- expectations for a strong impulse from 123.50 and engulfing price-action
- USDJPY moving in the yellow dotted channel with no indication for a retest of swing highs
If you have any questions related to this trading idea I will be happy to provide you with answers.
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