USD/JPY Countertrend Confluence at Rooftop Pattern

Nenad Kerkez Top-XE

The USD/JPY, popular “Ninja” is waiting for next movement that will be based after Trump’s inauguration speech today. Due to potential volatility later today we might see investors moving to protect their money. Each close of a buy position is an automatic sell into the market and vice versa (that’s how it works). So o USD/JPY we have a potential counter trend movement.

Bearish divergence is coupled with a Rooftop pattern at H4 weekly camarilla pivot. POC is also showing ATR pivots so watch for 115.45-60 zone for a potential reversal. However we also see POC2 at the exact top of the projected range that stands within 116.00-10 zone (H5,ATR top). Potential rejections from the zone might target 114.50. This movement would be best to happen before Trump’s speech as all these levels might be overshot afterwards.

Author

Nenad Kerkez

Top-XE

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