USD/JPY is the forex ticker that shows the US dollar's value against the Japanese Yen. The Dollar-Yen is one of the most-traded forex pairs – second only to EUR/USD – and is a benchmark for Asian economic health and even the global economy. On a long-term basis, experts follow formed triangle starting from 2015 whose resistance line was broken with the formation of three white soldiers followed by a hammer in April and a spin top in May. The spin top candlestick test successfully the previous resistance line, now looks like a support line, but it is also a signal indicating indecision and subsequent consolidation and disinterest from the traders. On a daily basis, USD/JPY is attempting to find follow-through in the aftermath of a Bearish Engulfing candlestick pattern. This could spell a turning point for the pair. But, rising support from the beginning of this year is still maintaining the dominant upside bias. A breakout under it could open the door to testing the 100-day Exponential Moving Average (EMA). The latter may reinstate the focus to the upside. Looking for the sentiment implies that about 56% of retail traders are net-long. The fact that traders are net-long hints prices may continue falling. The combination of current sentiment and recent changes further supports that the pair may weaken ahead. But if the price value continues rising, it may test the next resistance at 111 or intense psychological and technical level of 114.
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"This could spell a turning point for the pair. But, rising support from the beginning of this year is still maintaining the dominant upside bias. A breakout under it could open the door to testing the 100-day Exponential Moving Average ( EMA ). The latter may reinstate the focus to the upside. Looking for the sentiment implies that about 56% of retail traders are net-long. The fact that traders are net-long hints prices may continue falling. The combination of current sentiment and recent changes further supports that the pair may weaken ahead. But if the price value continues rising, it may test the next resistance at 111 or intense psychological and technical level of 114."
"This could spell a turning point for the pair. But, rising support from the beginning of this year is still maintaining the dominant upside bias. A breakout under it could open the door to testing the 100-day Exponential Moving Average ( EMA ). The latter may reinstate the focus to the upside. Looking for the sentiment implies that about 56% of retail traders are net-long. The fact that traders are net-long hints prices may continue falling. The combination of current sentiment and recent changes further supports that the pair may weaken ahead. But if the price value continues rising, it may test the next resistance at 111 or intense psychological and technical level of 114."