Charts. 1 HOURE
The USDJPY has rallied strongly as visible in this daily chart (1H). This currency pair has formed a
rising wedge formation which is a reversal pattern and marked by red
lines in the above chart. We expect the USDJPY to correct back down
into its horizontal support zone which is marked in blue. The current
horizontal support zone is a very important one as it used to be a
strong resistance zone and heavy trading around those levels should be
expected.
Indicators: MACD RSI
MACD shows strong momentum and formed a double top formation. We expect the
histogram to start trading below its moving average once the correction
is complete. RSI 70 is trading in extreme overbought territory and a
breakdown should initiate a stronger sell-off

Current Level :121.20
USDJPY is actually at strong bearish trend.
PAIR has low volatility with average range about 100 TO 150 points.
PAIR was much weaker than second last few week
PAIR will be weaker as second. Pair will be 100 TO 250
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