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Weekly Timeframe:
Daily Timeframe:
UsdJpy: Current price .108.580 and testing strong areas of weekly resistance. If we maintain below 108.00-109.00 key psychological we can potentially expect price to retrace to 106.750. but if we mange to break and close above 109.000 we can expect potential targets to fulfill.
By reading price action we can see we closed off monthly indecision and a weekly/daily engulfing but our weekly moving averages crossed and we are still being held by our daily trendline. If price manages to break and close below this daily trendline we can look for shorts.
Until then lets wait and see how we react around 108.750 key psychological zone for more confluence.
(risk management is key and patience is a virtue)