1D chart: USD/JPY is squeezed inside a huge triangle pattern and seems to finish the last wave of fifth-waves pattern. Price is moving close to Ichimoku cloud, also RSI indicates the bulls still have slightly advantages compare to bears, so there are three possible scenarios: It can either go up to break the triangle and continue to soar, or to decline further to finish last wave E then bounce back, and finally at point E it wont bounce back and dwindle lower subsequently.
Let take a closer look at 4h chart. Seem like a right shoulder is formed in a H&S pattern, and price has touched the higher boundary of bollinger band. Consequently, price can either climb higher to above resistance level (marked by blue rectangles), or sink promptly to confirm the H&S pattern. Our plans are to sell at the resistance levels and close positions at lower support levels (Lower blue rectangles). Close orders if the price breaks the Head and wait for bull signals.
Safe trading guys.
Safe trading guys.