USDJPY – the pair has recently moved in an upward trend, which can be marked by two lines forming the well-known Price Action pattern.
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Today’s daily candle is definitely bearish and its upper wick indicates a rejection of the S/R level (109.00). MACD is in a downward phase.
On chart H4 we can see the H&S formation. The neck line (green) has already been defeated and there is a high probability that the price will aim at support of the increasing wedge mentioned at the beginning. In addition, an Inside Bar was created at the neck line and the direction of breaking out of it can be maintained because the MACD also decreases, which additionally supports the downward scenario.
The range of declines is the support of the wedge, and after its possible defeat – level 108.00.
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