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USD/JPY
USD/JPY Technical Analysis. The USD/JPY pair yesterday was a calm day, small growth with a slight extension beyond the top of the head. Today the top was also pushed down a little, so far there is little reason for optimism for the bears. They also understood the price and remained at the very top. Attempts to descend are immediately stopped. The wave structure is building its order upward, the MACD indicator is growing in the upper buy zone and above its signal line. But the CCI indicator is coming down from the upper overheating zone, having only recently crossed the upper zone from top to bottom, this increases the likelihood of a decline developing right from here. But apparently they can still update the maximum a little. There was an attempt to decrease during which the price almost reached the first important support level of 153.40 and, as if stung, the price from this area rushed up again. I still expect a corrective decline to the area around the level of 151.90, this is not just a level, but the main watershed level here. This is the maximum for 2022 and 2023 and you can see how the price was pressing it from below for almost a month, not daring to go beyond it. But she still left and now she doesn’t want to go back. But I still think that they will attract it to this level like a magnet, after the breakdown it is necessary to do a reverse test, even if we go further up to new heights that have never been seen in the entire history of the terminal. Until this pullback does not exist, you cannot buy; you can catch the very top of the market. It is clear that there is a critical peak here, the spring has compressed and a wild collapse may follow. In my opinion, here it is worth waiting for the formation of a mirror level on H4 or at least on H1 at the edge of growth, so that support changes to resistance and aim for a corrective rollback to the area of 151.90. On H4, when the current top was updated, a bearish divergence formed on the MACD indicator, this is a reason that if you don’t sell, then you definitely shouldn’t buy. Economic calendar today without important economic news.
