USDJPY SHORT BEARISH BIAS THIS WEEK!

Chart indications

Trend - Downtrend

Candlestick Patterns - Triple top reversal formation

Trendlines - Descending wedge formation on D1

Supply Zone - W1, D1 & 4H

Indicators - 50/200 EMA CROSS indicates pullback


News

Trade talks with china slowly progressing

Nothing in writing

Won't be finalized for a few weeks

Lots of time to fall through

Many critics / skeptics


Final Thoughts

Talk of a trade war solution previously boosted USDJPY to its highest high in 6 weeks, but without anything in writing, many skeptics criticize the thought of the USA/CHINA trade war coming to any end any time soon. Technicals indicate that we are currently entering into the W1, D1, H4 supply zone and a major Fibanocci resistance level of 108.500 which could prevent bulls from heading much further. Bears are looking to take control next week and im expecting an immediate drop to 107.500; followed by 106.800.


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cheers!