USDJPY did what it should do as Per my analysis,what next?

Dec 17, 2023

Hello fellow traders , my regular and new friends!
Welcome and thanks for dropping by my post.

Here's my evaluation of the pair and moving forward what is there to expect.
But let's revisit what has happened over this week. If you have not yet seen my previous post of USDJPY , you maybe refer to link below or here >>

Let's roll back on time on USDJPY to Monday, the start of the week. We see that it has been super bullish on Monday clearing the 145 and even 146.5 level that I have mentioned.
First of all we don’t see any sign on turning even on the one hourly chart for UJ. Therefore, nothing for us to short on that day.
The interesting part comes on Tues, where it seems like all the technicals aligned.
You can refer back to the analysis post I mentioned last week. I mentoned about the downtrend line on the daily and H4. 146.5 area also coincide by the last support turned resistance I hightlighted. So, naturally here's the place for us to look for short, which we saw a breakout of the consolidation and it came lower.
If you missed that, we do have opportunities to short 2 more times before the last strong move downwards on Thursday 3am Singapore time.
And then, for the rest of Thurs to Fri, it has been consolidating.

So, what to expect next?
Like I have mentioned, if the BOJ has no sign of increasing its rate, tighten their monetary policy, very likely we would see the USDJPY to resume back its longer term uptrend moves.
BUT if the BOJ indeed has some "actions" or hint to increase it rate and tighten, the likely the market will move further downwards. And that's probably why the USDJPY has consolidated right on its up trendline of the year since Jan 2023.

Let's see how PA unfolds from here on!

Happy Trading!

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Disclaimers:
The analysis shared through this channel are purely for educational and entertainment purposes only. They are by no means professional advice for individual/s to enter trades for investment or trading purposes.
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