USDJPY Chart 6

USDJPY - Major Trend Reversal
(Updated)

USDJPY - Major Trend Reversal (UPDATED) by DanV on TradingView.com

12 October 2014

Updates and comments

When I last posted this chart, it never broke down out of the congestion zone it was in at the time and mounted another swing high. However, it is worth monitoring closely as it is now against many structural resistance and despite seeming strong swing is showing weaker momentum compared with previous major leg. With DXY showing similar corresponding resistance and Momentum divergence.

Hence, potential reversal could have higher odds. Obviously the potential short could be considered on retracement as initial leg down appears near complete. 

Be sure to do your analysis.

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