USDJPY Currency Pair 4th – 8th Feb, 2019: Today we are going to look at the USDJPY pair and we are going to show analysis on a different timeframe, the Monthly. Remember in our price action course we emphasize the TOP DOWN APPROACH when analyzing the market. If we spot candlestick formations in the monthly, this provide a higher probability trade setup than the lower timeframe.
Now we may notice the main trend is up and the currency has been trapped in consolidation in form of a symmetrical triangle.
The pair has recently hit a zone of a support and we a monthly pin bar forming in that zone.
Will the bullish trend continue? Which direction will the pair break out of the consolidation? We will keep a keen eye on this pair amid confirmation of the direction this pair will head. As always we wait for the price to guide us on the investor sentiment.