USDJPY: Critical Crossroads.

The pair is on a strong 1D bullish pattern (RSI = 56.367, MACD = 0.310, ADX = 32.325, Highs/Lows = 0.0000) since the late August bottom. This bullish sequence is still contained within a multi-year Descending Triangle trend with 104.500 as the Support.

There two almost equally strong patterns emerging on the medium term. Either the 1D MA50 will support as it did in May 2018 and will extend the uptrend towards the 111.000 - 112.000 Target Zone, or a Double Top will be made within 109.000 - 110.000 in which case the price will be strongly rejected towards the 104.500 1M Support as it happened in March/ April 2019.

Notice how the 1D RSI can equally go both ways. However since the MA50 is holding (needs to bteak convincingly) we give marginally more chances to making contact with 111.000 - 112.000.




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