The USDJPY Cross is one of the major crosses in FOREX and currently several indicators are showing us a way on how to move using this pair.
As we can see from the chart, the price has been on the upside since the start of the year.
The Kimura Trading ‘Sniper Pattern’ had previously shown several bullish chart formations and in fact those who followed this got rewarded.
On the other hand, as of late, the candle sticks have been forming some bearish patterns.
One of which was the ‘Spinning TOP’ which is a candle stick with a small body and a long wick. In this case it was bearish as the bears managed to push the price lower however did not manage to hold a significant low.
We also notice that the price is getting closer to the 200moving average which is normally considered as a very strong line to break.
The Kimura sentiment index is not really clear and, in this case, it might be risky to take it into consideration in our strategy.
MACD is also very close for a cross over.
All in all, I am considering to go SHORT from the level 111.40 with first target at 110 and final target at 108.
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