Since the break above 116 resistance in March, UsdJpy has risen strongly, gaining around 20%.
However, from the 135 top made in June, the pair's new highs are marginal, giving us a clue that the bulls are tired.
After the last high from last week, the pair has started to roll back and if today's candle is closing red, we can have a "tree black crows" candle formation on our daily chart, which is a signal for sell.
As long as the last high is intact, I expect a correction, and swing trades can focus on the 132 zone.
Interim support is at 135
However, from the 135 top made in June, the pair's new highs are marginal, giving us a clue that the bulls are tired.
After the last high from last week, the pair has started to roll back and if today's candle is closing red, we can have a "tree black crows" candle formation on our daily chart, which is a signal for sell.
As long as the last high is intact, I expect a correction, and swing trades can focus on the 132 zone.
Interim support is at 135
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