Current status of USD/JPY analysis: "In a range just before 110 yen" May 10, 2018 19:00
May 10, 2018, after 19:00, USD/JPY daily chart
The pullback from the light blue Fibonacci retracement continues.
The 12 EMA is acting as support, but MACD has a death cross, and the upward momentum is fading.
Even when viewed with a trend analyzer, there is no momentum in both short-term and mid-term trends.
It seems to be forming a double top exactly at around 110 yen.
May 10, 2018, after 19:00, USD/JPY 4-hour chart
In the 4-hour chart, after a MACD divergence, the MACD line is oscillating around zero, indicating a range-bound market.
The Bollinger Bands are nearly flat as well, indicating a range market.
Even if a downward swing starts, it would be supported by the daily 12 EMA and 26 EMA, making a sharp decline unlikely.
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This article is an excerpt from the blog “If you can freely arrange your view, the market becomes a fountain of profit.”
