I drew the trend out on the week chart and discovered a textbook ascending triangle formation. Price double tapped support and has already begun to trend upwards so we are going to ride price up to the top of the triangle.
I'm expecting price to bounce off of this diagonal support zone and go into a buy. However in order to get a more precise entry on the H1 I set the entry to the original lowest wick rejection of the support zone.
I was initially looking to take sells for this pair until a proper top down analysis indicated a textbook Falling Wedge formation. We will see the price break out of the resistance zone, break horizontal resistance and breakout into a buy.
USDJPY is currently in a major level of support where price can either go up or go down. Price is going to move down and form a perfectly executed head and shoulder Reversal. I see price dropping initially down to the last lowest wick, retracing back to entry and then making it's official breakout for the sell.