UJ / 4H / Outlook
Updated
USDJPY is in a very interesting spot and we could currently make an argument for both upside and downside. We have several head and shoulders formations but within we have also formed a harmonic which may develop and provide us with a bullish wave.
Above the 4h timeframe we've broken a descending wedge on the weekly which tilts our bias slightly bullish, especially with the recent USD strength.
As for the method of attack we suggest staying away from UJ until a clearer picture has formed unless you're a very advanced trader. Being that it could go either way it will be difficult to navigate.
Above the 4h timeframe we've broken a descending wedge on the weekly which tilts our bias slightly bullish, especially with the recent USD strength.
As for the method of attack we suggest staying away from UJ until a clearer picture has formed unless you're a very advanced trader. Being that it could go either way it will be difficult to navigate.
Note
The pair has just been consolidating. We'll look for a move next week.
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