USDJPY: End Of Week Technical Analysis - Breakdown to Bearish Area

USDJPY

D1 price is on primary bearish with secondary ranging market condition: price is inside Ichimoku cloud for trying to break Senkou Span B line (one of the border of Ichimoku cloud) and 118.53 support level for the bearish market condition to be continuing.

H4 price is on bearish breakout which was started on this timeframe on open bar for now:

• Chinkou Span line is located above and near the price to be ready to cross it from above to below for good confirmed breakdown.
• The price is breaking Senkou Span A line on open H4 bar which is the last border of Ichimoku cloud. The price is reversed from the primary bullish to the primary bearish by breaking Senkou Span A line and 119.14 on open H4 bar for now.
  
• Nearest resistance levels are 119.71 and 120.08.
  
• Nearest support level is 119.14
  

If H4 price will break 119.14 support level on close bar so we may see the breakdown of the price movement with the reversal from bullish to the bearish market condition.

If not so we may see the ranging

• Recommendation for short: watch the price for breaking 119.14 level on close H4 bar
  
• Recommendation to go long: n/a
  
• Trading Summary: breakdown