USDJPY major rejection in play

Greetings everyone. The USDJPY is showing rejection signs at a major resistance level at 113. Not only price has been rejected and pulled back from the resistance area, the weekly candle that is being formed is a very bearish one that at least justifies more downside for USDJPY over a couple of weeks.

A weekly close below 112.20 is going to create a bearish reversal hammer candle pattern. If this weeks is followed by a weak opening next week, we should expect a pull back at least towards 111.25-110 area to be seen over the coming sessions. Triangle support is at 105 and rising slowly. This is noted just in case we break below the weekly cloud at 109.

 

Have a great weekend everyone and thank you for taking the time to catch up on my thinking

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