USDJPY

USDJPY H4

USD has been weak and JPY has been gaining for the past few days and has now made a lower low but now we are at the weekly profit target for bears (WM1-WS2) where we could see bears take profit and this could move price up and give bulls an opportunity to enter a counter trend trade back up to WPP. If we start seeing price move up it could mean that bears are getting out and will probably look to sell at a later stage once price has moved back up. They will be looking to sell around 110.8270 which is also a role reversal.

USDJPY M15

On the chart we can see that price is not making any lower lows and just ranging. A bull that wants to take the counter trend trade will be waiting for a higher high and then entering on the pullback with a profit target of WPP (110.8270)

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