Last post: June 14th. See chart.
Review: Price had weakened over 100 pips since bouncing off resistance but needed to break and close below support.
Update: Price is currently trading below support but need to see a close below support by the end of the trading day.
Conclusion: Applying patience to see if the break and close is confirmed which will suggest ...
Simple EMA strategy
H4 Lower highs and Lower lows
Waiting for price interaction with H4 20 EMA in the trend direction.
There's good resistance on the pivot points as well.
Entering at the 50EMA bounce downwards.
Enter at the EMA cross on the 30M, 20EMA (blue) crossing 50EMA (red) going downwards
Two trades 30pips Stop Loss, targets at 1:1 and 3:1 ...
Looking at USDJPY on the 4h timeframe we can see a clear trendline bounce with 2 confirmation candles. Low RSI shows a clear oversold making the trendline hard to break. Adding to the support there is the pivot point just on the trendline. Targets towards the top trendline but being cautious of the MA zone that is on the P pivot point acting as resistance.