Hi Traders! USDJPY potential sell setup is forming at the moment. A detailed analysis of this setup is as follows:
USDJPY H4 Chart:
On the H4 chart the price which was moving inside a channel has broken out at the bottom of this channel. It looks like the correction that we were looking for after the breakout is happening now. Once this correction completes itself, we can start looking for sells. In order for this sell scenario to be valid, we want the level 112 to hold (false breaks can be neglected). We will look for further confirmations on lower timeframes.
USDJPY H1 Chart:
On the H1 chart we already have bearish hidden divergence that has formed so we may expect the bears to take control soon. It looks like a correction is happening now, once the correction completes itself, we can look for sells.
Note: If the price moves higher, breaks above 112 and holds above it, then this setup is invalidated.
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