Last week, July 10-14, 2017, looking at the 1day chart and the 1week chart, we see usdjpy finally made top at 114.49 and reversed downtrend, Tuesday, July 11. Usdjpy has reached the lowest at 112.26 and still show momentum down that perhaps usdjpy will still continue down. Incidentally, the long-term top at 114.36 was broke last week and we now speculate on what possible pattern usdjpy may now form so that we can determine the trend direction. In the 1day chart, we see the stoch(5,3,3) now show downtrend and has almost hit the bottom side but has not made bottom yet to reverse up while the macd now show downtrend signal with the recent downtrend reversal.
Looking at the 1week chart. we say that the downtrend that started from the top at 118.65 is still active and alive, but now we have the uptrend initiative from the last bottom at 108.11 which could possibly be retracement and consolidation only or if the downtrend is already finished then the uptrend now continue. In effect, again we have a triangle pattern (1week chart) with limits defined by the uptrend below and the downtrend above. So we wait now where would usdjpy possibly go to the upside or to the downside.