USDJPY Bearish Bias

7 במרץ 2019

This pair has had a nice move up since the beginning of the year. However, price has reached a significant level of structure and I'm anticipating a reversal. On the hourly chart, we have a descending channel with bullish divergence which may indicate a move up to our resistance level around 112-112.100. Make sure to watch out for the high just above that level. We have also made a lower low below 111.160. I'll be looking for a double top at resistance with bearish divergence for a short opportunity.