$USDJPY - All Eyes Should Be on USDJPY - Recoil Continuation
USDJPY Folks, 8 weeks of downward bias with the exception of last week's reversal tells me that more pain is coming for this pair. Since December 15th top levels set at $118.44, the price action has moved in a downwardly direction inside the channel range, indicated on the 4 hour time frame. Notice the near perfection of both top & bottom bands of this channel ? Notice how price movement has stayed within those bands, with the exception of last week's session ? Also, notice how Friday's closing session sits at the cross points of the upper band downward channel at $112.81, and a possible construct of a new upward channel formation. Next week's sessions will see algorithms deciding whether to resume the downward continuation pattern, placing it back into the downward channel, or a price reversal pattern is in the works. Folks, take out the popcorn bowl...this will get interesting.
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