From USDJPY 4 hour chart, in my opinion this is what is currently going on now. Bulls are stalling and losing power at 104.000 Resistance Level. A possible double top has formed too. Note what happened on 8/29/16 (last month) a Golden Cross or EMA 50 going above EMA 200-- that is a BIG CLUE that bulls were in charge from that point.
RSI (default 14) is in yellow triangle area, once PA break out below, will be looking for bear trades at lower time frames. I trade by price action #1, but note news on charts, so that I am not caught up in trades when possible sudden large PA movements might occur. This coming week, a lot of news on chart which will cause bears to be strongly in charge. I keep volume indicator on bottom of charts, because it does not take up any additional chart space and when a very large volume indicator is noted or a lot of interest ( like blue up/down arrow), this most of time means that PA is either at a major resistance and/or major support area. Now, I believe that PA will continue to drop.
I will wait for a trend break on 1 hour charts and a reversal chart pattern to trade bears. Patience is a virtue.
RSI (default 14) is in yellow triangle area, once PA break out below, will be looking for bear trades at lower time frames. I trade by price action #1, but note news on charts, so that I am not caught up in trades when possible sudden large PA movements might occur. This coming week, a lot of news on chart which will cause bears to be strongly in charge. I keep volume indicator on bottom of charts, because it does not take up any additional chart space and when a very large volume indicator is noted or a lot of interest ( like blue up/down arrow), this most of time means that PA is either at a major resistance and/or major support area. Now, I believe that PA will continue to drop.
I will wait for a trend break on 1 hour charts and a reversal chart pattern to trade bears. Patience is a virtue.