USDJPY

Good Evening/Day Dynamic Traders,

Below is the USDJPY daily chart. The price is approaching a previous resistance level and could turn out do a double top. The overall trend is down and therefore having done a retrace, price may head back down. There are some further signs to confirm a possible retrace on the 4 hour chart below, where you can see MACD divergence and also a potential reversal candlestick formation by way of tram tracks. Having said all that, the weekly chart shows that price has a little way to go before it reaches the Fib breather level which may mean that it has some steam left to the upside. My conclusion therefore is to wait for a BOB and apply ESLT or a filter to ensure you don't get caught by a fake breakout or wait for confirmation of reversal before entry. Either way be patient and cautious given that it is also the end of the week.


























Good Trading!
Bijal Shah

Have an awesome weekend.

Follow Javid on Twitter
Follow Anne on Twitter

http://www.fxcps.co.uk/blog
http://www.dynamictraderblog.com
http://www.fxcps.eu/