BACK with USDJPY HeAding to 108.60>!

https://www.tradingview.com/x/0I27NZC3/https://www.tradingview.com/x/fM9NgQGw/https://www.tradingview.com/x/QerSroQ2/https://www.tradingview.com/x/1bHIWOl7/


UJ Thesis

- Monthly: On the monthly timeframe UJ market structure has been bearish for a whole year. Last month closed as a strong bearish candle after bouncing off 109.67 resistance. UJ could be ready for a huge plummet in the long term.

- Weekly: For 6 weeks there have been multiple wick rejections off 109.67 resistance signalling sellers are winning the battle against the buyers that are trying to break above this level. Weekly structure is also bearish so the sellers look to be in control of this pair.

- Daily: Fridays candle closed as a shooting star below 109.57 4hr zone, showing price is ready to move to next possible TP 108.60 support. Market structure is bullish so we need to be vigilant.

1/4hr: After brek below 109.57 4hr level we will now wait for price to re-visit level for a retest and see how it reacts from there, if level holds then we could see price rollover to 108.60 support.