There's a bullish pin bar candlestick pattern formed on USD/JPY which could potentially lead the price higher in today's London session. The direction of the long term trend is unclear now as the 200 period moving average is totally flat, but over the short term horizon, the price is trending up as the Tenken-sen continues to diverge away from Kijun-sen. Note that the Stochastic indicator and Commodity Channel Index (CCI) are showing the price is currently in oversold territory which increases the odds for buyers. On the flip side, the bullish pin bar candlestick pattern hasn't formed at any support level, which decreases the probability of this setup. With all that being said, we could still have some buying opportunities in today's London session but we might see some choppy movement here and the upper band of the Bollinger Band could serve as a target for buyers to take profits
There's a bullish pin bar candlestick pattern formed on USD/JPY which could potentially lead the price higher in today's London session. The direction of the long term trend is unclear now as the 200 period moving average is totally flat, but over the short term horizon, the price is trending up as the Tenken-sen continues to diverge away from Kijun-sen. Note that the Stochastic indicator and Commodity Channel Index (CCI) are showing the price is currently in oversold territory which increases the odds for buyers. On the flip side, the bullish pin bar candlestick pattern hasn't formed at any support level, which decreases the probability of this setup. With all that being said, we could still have some buying opportunities in today's London session but we might see some choppy movement here and the upper band of the Bollinger Band could serve as a target for buyers to take profits
