USD/JPY short bias:
There is either a head and shoulders pattern created there or it could be seen as a triple bottom on the H4, both indicating bearish reversals and the neckline has been retested. We see a bearish flag being formed on Friday and we should see the 109.93 support level broken to the downside towards the 109.2 major support level next week. There’s been a crossover in the EMAs and price action still holds below. Stop loss would be placed just 5-10 pips above 109.2 resistance level just in case it decides to retest the upside once again.
There is either a head and shoulders pattern created there or it could be seen as a triple bottom on the H4, both indicating bearish reversals and the neckline has been retested. We see a bearish flag being formed on Friday and we should see the 109.93 support level broken to the downside towards the 109.2 major support level next week. There’s been a crossover in the EMAs and price action still holds below. Stop loss would be placed just 5-10 pips above 109.2 resistance level just in case it decides to retest the upside once again.