The USD/JPY currency pair has been in a strong uptrend since the beginning of the Year and our STS_ATR_Distance_Indicator shows that we have currently passed 53% of the Monthly ATR (Average Monthly movement for the last 6 months). The price is in the zone of Resistance. Our STS_RSI_MTF_Indicator shows Overbought conditions on all timeframes from H1 to Monthly with extremely high values (above 70).
On the H4 timeframe, it is possible the price to form a Double Top formation. We loaded our STS_Zig_Zag_Bot to open short positions on each H4 candle with an ascending 12-period Zig Zag and close all positions on a descending 20-period Zig Zag on a Daily chart.
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