Hi Traders! We have USDJPY potential sell opportunity forming at the moment. A detailed analysis of this setup is as follows:
USDJPY Daily Chart:
On the daily chart we have a potential triple cycle and it looks like this triple cycle is converting itself into a special cycle now. It was a potential one because the bullish divergence was forming at that moment. The price then created a stronger bearish momentum and currently we have divergence only on the histogram. So we may now expect a correction to happen within the area which was the breakout zone and the bottom of the range. Once this special cycle completes itself we may look for a correction to happen and then continuation to the downside.
USDJPY H4 Chart:
On the H4 chart we have a perfect downtrend line that has formed and the price is respecting this trend line so far. We already have bearish pressure in the form of hidden bearish divergence. Hence we may now expect the bearish momentum to continue and the price to move lower further. We can start looking for more confirmations on lower timeframes in order to join the bears.
USDJPY M30 Chart:
On the M30 chart we have a bearish divergence that has formed and currently the price is moving lower. If you want to be conservative wait for the price to break below the low at 107 (approx) and then we can start looking for sells.
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