$USDJPY Retreating Continuation Likely

21 בינו׳ 2017

USDJPY Price action direction on the 4 hr time frame is downward & likely to gain momentum as other cross pairs ; AUDUSD, EURUSD, begin to revive against USD. Technically, I've selected two peaks, both Jan 2nd and Jan 9th, as starting points to show the downward sloping trend line, thus confirming the downward pricing direction. Pivots points seen at 115.43, 113.81 and 112.50, failure to take out 115.48, will likely see price action revisit the bottom range. Furthermore, gold strength is likely to counter algorithms trying to push up this pair.