yesterday, after I posted the analysis on chfjpy I have received a lot of questions about usdjpy .
thought, in my view, these pairs are currently very closely correlated, let me share with you my thoughts on usdjpy .
first of all, on 4H the market has recently reached a strong horizontal resistance level with rsi being overbought and with a sequence of reversal candles formations.
on 1h we see a clear slowing momentum with the wedge formation and recent break below it.
with all that in mind, I believe than on Monday we can expect further bearish continuation. for now, target levels are 109.3 / 109.0