UsdJpy- Do we have a top?

20 thg 11, 2023

In my Friday's post, I said that there is a high chance for a top in UsdJpy, bears need confirmation though and this comes with a break under the 150 confluence support zone.
Indeed, after my post (just a coincidence:) ), the pair dropped under this level and now we could consider a top in place.
In the Asian session, the pair also tested the broken level and now is trading around 149.
That being said, I'm bearish UsdJpy and I'm looking to sell rallies.
148 is the immediate support, but I wouldn't be surprised if the pair is dropping to 145 in the longer term

Also, looking at the weekly chart things are very bearish at this moment



Two weeks ago we had a long-tailed Pin Bar, last week a Bearish Engulfing and also, and very importantly, the hole structure is a Bat harmonic pattern.