The following indicators and TA conditions looks as if we could see a drop in usdjpy
The move down could just be a relief for the overbought conditions indicted by the Rsi and the Bollinger bands on the Daily time frame.
We also see a weekly level being tested as confirmation for a pullback but the market is currently above indicating a possible continuation.
THE RSI also indication that usdjpy is capped above 70 also a sign that we could see more up swing.
THE ichimoku on the daily also indicate a strong bullish trend The Adx on the 4h time frame also indicate some strong bullish moment With a strong bullish crossing on the D+and - the signal light is sitting high above 30 also a good indication of strong bull power.
Suggestion is to hold of and see if market will show signs of a turn to bearish At the moment conditions are strong for bulls.
So if you considering entering a trade wait till tomorrow for a indication of a turn. Or if you want to go long wait for current bull candle to close long As a new refresh point for a entery.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.