USD/JPY Daily Chart
USD/JPY H1 ChartOn the Daily chart, it looks like a bear flag has formed, and the market is trying to test the support of the flag. If it succeeds, there might be quite a big movement downwards. Last week, it has actually broken a support but it shot back up into the bear flag the next day. Traders who did not take their profits would have been stopped.
On the hourly chart, the market could not create a higher high, and started a pretty strong downwards move again. It then went into a tight range before markets closed for the week. G7 meeting is held on Saturday, so traders might want to see the outcome of the meeting before trading.
On the hourly chart, the market could not create a higher high, and started a pretty strong downwards move again. It then went into a tight range before markets closed for the week. G7 meeting is held on Saturday, so traders might want to see the outcome of the meeting before trading.
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