Coming week, USDJPY in a heavily congested resistance
Price has tried to break through the 106.62 resistance at the close of trading this week for USDJPY but I think that move is exhausted. On the daily, price is tracing out a downtrend and I believe that is how it will be for the coming week. Just hopeful.
On the 4 hour chart shown above, price has confirmed a trend reversal, but the downtrend preceding it took only 5 days, so I foresee a shorter time for this trend reversal if it succeeds. Maybe after a day or two, price will revert to the downtrend on the daily.
Just watching this pair. Not decided yet on what decision to take. The 106.62 resistance is a heavily congested area of recent. I don’t see long trades succeeding. Not yet. But as for shorts, well, only time will tell.
On the 4 hour chart shown above, price has confirmed a trend reversal, but the downtrend preceding it took only 5 days, so I foresee a shorter time for this trend reversal if it succeeds. Maybe after a day or two, price will revert to the downtrend on the daily.
Just watching this pair. Not decided yet on what decision to take. The 106.62 resistance is a heavily congested area of recent. I don’t see long trades succeeding. Not yet. But as for shorts, well, only time will tell.