USDJPY top-down analysis
on DAILY: price is sitting around a strong support/resistance zone in red so we will be looking for objective sell setups on lower timeframes.
on H1: price is overall bullish making higher highs and higher lows so we are overall bullish.
However, price is sitting around resistance and we have a bearish divergence on MACD.
Moreover, price is trading inside a wedge pattern in orange, so we are waiting for an objective break below our lower orange trendline to sell this one.
meanwhile, USDJPY would be overall bullish.
on H1: price is overall bullish making higher highs and higher lows so we are overall bullish.
However, price is sitting around resistance and we have a bearish divergence on MACD.
Moreover, price is trading inside a wedge pattern in orange, so we are waiting for an objective break below our lower orange trendline to sell this one.
meanwhile, USDJPY would be overall bullish.
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