There is a divergence between the CCI (30) and the USD/JPY price on the 4-hour chart. The Candlestick is already moving bellow the EMA (30) and the CCI (30). It passed through 100, 0, and -100 level. We know that this pair has already had a downward momentum. Now USD/JPY seems to retrace to make a Re-Distribution approximately to the 110.00 level before going down again as long it does not break out and close above the 111.75 level.
The overall bias for USD/JPY is bearish.
(Disclaimer)
