USDJPY - SPECULATION UNTIL CONFIRMATION.
Potential future moves. We sit neutral without a confirmation on either moves.
1. We may see a bounce off the newly formed trend line that has been touched twice (now three times), up to our neckline where we break and continue a bullish trend.
2. We may see price continue a bearish move, where buyers will try to gain momentum/control of the market again (to continue the newly formed uptrend), fail and we continue the major downtrend (zoom out)
This is just speculation with slight analysis. Wait for confirmation on lower time frames for a detailed look of what price action is currently doing.
This will allow you to pinpoint the perfect entry.
1. We may see a bounce off the newly formed trend line that has been touched twice (now three times), up to our neckline where we break and continue a bullish trend.
2. We may see price continue a bearish move, where buyers will try to gain momentum/control of the market again (to continue the newly formed uptrend), fail and we continue the major downtrend (zoom out)
This is just speculation with slight analysis. Wait for confirmation on lower time frames for a detailed look of what price action is currently doing.
This will allow you to pinpoint the perfect entry.