Highly speculative ( and not to be seen as financial advice ).................. :
Look at this overall structure - it looks like a very wobbly inverse Head & Shoulder pattern.
Now look to the left of this structure, and how sellers were selling again and again at these supply levels, in the end driving price down.
But then look at the spead and momentum angle of the buyers recovery........
Yes, we arrived again at this supply level and there was this 1 ( ! ) sharp dip down.
But are there really so many sellers again at this zone ?
What if they have already sold previously and booked their profit at the lows ?
Then this zone would have been tested many times in the past, and it would NOW actually be a WEAK zone.
Which means that any small instance of returning USD strength will result in higher prices for USDJPY.
But this is just me oberving, no financial or trade recommendation ........:-)
Good Luck.
Look at this overall structure - it looks like a very wobbly inverse Head & Shoulder pattern.
Now look to the left of this structure, and how sellers were selling again and again at these supply levels, in the end driving price down.
But then look at the spead and momentum angle of the buyers recovery........
Yes, we arrived again at this supply level and there was this 1 ( ! ) sharp dip down.
But are there really so many sellers again at this zone ?
What if they have already sold previously and booked their profit at the lows ?
Then this zone would have been tested many times in the past, and it would NOW actually be a WEAK zone.
Which means that any small instance of returning USD strength will result in higher prices for USDJPY.
But this is just me oberving, no financial or trade recommendation ........:-)
Good Luck.