USDJPY Continuation

The pair is has temporarily moved the bias from being bearish to bullish on the 4H chart, as the EMA,50 is below the EMA,26. However the bullish move can be taken as a extended pullback from the initial downward trend. A bearish rising wedge can observed and the pair is in the yellow zone, where reversal can be anticipated to make a bearish move.

Conclusion:
S/L: 111.726
TP1:111.00
TP2: 110.732

Kommentera:

The pair has just moved outside of the yellow zone, where the ceiling of the area is at 111.544. The pair is overbought, a double top is forming on 4H chart and bearish rising wedge is still in play on the 1D chart.

Conclusion: still bearish on the pair and holding positions.