USDJPY Weekly:
• After constant rejection of 114.00 weekly resistance with dragon fly doji & bearish engulfing candle. Price has finally fell a good 300pips down to110.90 daily support.
• I do expect weekly candle to close below 112.14 4hr level + ascending trendline however will wait for weekly close before taking any trades.
• Moving averages about to cross bearish.
USDJPY Daily:
• New low was created at 110.90 daily support after price broke out of daily order block (OB) & broke through ascending trendline + 112.14 4hr level.
• Do now expect price to now make its way back up to retest trendline, 112.14 & daily order block (OB).
• MA’s bearish next, next target 112.14 4hr level to the upside. Then we look for shorts down to 110.50 support
USDJPY 4hr:
• Price on its way up from low at 110.90 after rejecting with bullish hammer candle.
• Next target is 112.14, this is an area of confluence because 0.71 Fibonacci level is in the area, trendline retest, and retest of daily order block which shows that this is a likely area for this pair to reach.
• After this area has been reached we will look for shorts down to 100.50 support.
