USD/JPY Current Analysis: “A temporary consolidation phase continues within the decline” February 28, 2018 18:00

Since exactly half of this week has passed, I will check the current state of the USD/JPY market.

February 28, 2018, after 18:00, USD/JPY, 4-hour chart


I was wondering if any movement would begin as a result of Mr. Powell's remarks last night, but no change occurred, and the sideways flow continues. On the 4-hour chart, the MACD is hovering around zero, and the Bollinger Bands are narrowing, indicating that the market movement is reflected technically as is.

February 28, 2018, after 18:00, USD/JPY, daily chart


On the daily chart, the 12 EMA acts as resistance, and the downtrend continues.
The current price is near the 12 EMA, which can be considered a retracement high.
The MACD has a gold cross, so the daily trend is weakening.
The Bollinger Bands are also starting to narrow, indicating that the trend is weakening.


↓ MACD used in the above chart.
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This article is an excerpt from the blog “When you can look and freely place, the market becomes a magic wand”.