USDJPY
USDJPY Major Forex Pair
Today, the USDJPY major forex pair appears to be poised for an upward move, potentially retesting the recently broken structure. Although the breakout was aggressive, we have observed four consecutive days of smaller candles within the demand zone, indicating weakness from the sellers. This leads me to favor a return to the broken structure.
Analysis of the 4-Hour Chart
I find the price action on the 4-hour chart promising. Not only is there evidence of weakness indicated by the divergence on the Money Flow Index, but the price has also swept liquidity, leaving behind some significant wick rejections.
Our next objective is for the price to break the trendline and lower the high structure with strong momentum. After this, we can look for a buying opportunity when the price pulls back to the broken structure. I will provide an update if this occurs today!