USDJPY Dual Inside Bars (ii pattern). Downside Break? | June 17th
USDJPY – Forms Back to Back Inside Bars
After selling off over 1000 pips in the last 20 days, the pair has formed back to back inside bars or an ii pattern, which was all formed within a large tailed pin bar at the 93.81 support. Notice yesterdays bar which is an inverted pin bar, which from an order flow perspective, translates into a failed attempt to rally.
Short term there is a range in play between 96.00 and 93.81. If the downside level caves, 92.45 will be under attack. If the topside cracks, then 97.00 will challenge the bulls next, but for now, I favor the downside and will look to rejoin the downtrend on a breakdown of the inside bars, or a pullback towards resistance.
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