USD/JPY: 1-hour
To start off, here’s a simple trend play on USD/JPY’s 1-hour forex chart. The pair has been trading inside a descending channel for the past month and looks ready to test the top of the range around the 123.50 minor psychological level once more. Stochastic is already indicating overbought conditions, which means that buyers are starting to feel exhausted and that sellers could be ready to take over. The 100 SMA has recently crossed below the 200 SMA anyway, suggesting that the downtrend is likely to carry on. If you’re holding out for more confirmation, better wait for reversal candlesticks to form around the top of the channel or for stochastic to start crawling down from the overbought area.
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