Quoting fxvisionDislikedYes, I know. The plan was if the consumer confidence was much lower than expected this would trigger the trade and a moved price away from the option barriers up around 117. This could have started a downtrend and after the weekly pin last week, we could see a serious drop. But so far, price is still hovering up there.<!-- / message -->Ignored
I feel we will have another pin bar this week and from next week it will fall.
If anyone looks at 1% of fundamentals than he would not buy USD/JPY pair at this moment and sell it. Remeber Japan has raised interest rates for first time, US has hinted at pausing interest rates from next month, huge capital inflow into Japanese markets pending. All these things are very bullish for JPY and bearish for USD/JPY pair.
The pair is at the trendline resistance at current price and it will bounce lower from this moment on.
Also tomorrow we have very imp. data coming out from Japan. I think its current account data. It will reverse the trend. We will have another pin bar on weekly chart this week. I have seen whenever there is a pin bar, either the price falls from very next candle, or the price retraces to 70% of previous candle and than forms another pin bar. And than from third candle the price starts falling.
What do you think?
fxtrada.com