USDJPY Update, September 11, 2017

USDJPY Daily 2017.09.11

Last week, September 4 – 8, 2017, looking at the 1day chart and the 1week chart, we see usdjpy continue the downtrend breaking the last bottom at 108.26, Thursday, September 7, and then the long-term bottom at 108.11, Friday, September 8. Will usdjpy now make bottom and reverse up, or to say it differently, is the downtrend from the top at 114.49 already finished. In the 1day chart, we now see the stoch(5,3,3) already crossed the bottom level but it is not sure yet if it has reversed up, while the macd still show downtrend signal.

USDJPY Weekly 2017.09.11

Looking for further clues, we find that the bbands 1day has also broke-out with the break of bottoms so that usdjpy possibly continue the downtrend still. Also, looking at the 1week chart, we find that usdjpy now forms an inverted banner or pennant chart pattern so that most likely usdjpy will continue the downtrend. So we wait now for usdjpy to make top and reverse down which will complete the retracement and usdjpy will now continue the downtrend.

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