USDJPY Review September 4th

We see a new attempt to break under the consolidation triangle  which base at 108.30-50 has proved to be difficult to completely overtake. Price action is not clear cut yet, as we see the pair forming hammer like candlesticks on the 1 hour charts below, we notice this is just above the 108.00 level(additional support). A move lower will have to establish a new low before we should start considering 107.50 as the next bearish target; however once we get there the pair will be pips away from the bigger suppport trendline connecting March and July swing lows. We see a new attempt to break under the consolidation triangle  which base at 108.30-50 has proved to be difficult to completely overtake. Price action is not clear cut yet, as we see the pair forming hammer like candlesticks on the 1 hour charts below, we notice this is just above the 108.00 level(additional support). A move lower will have to establish a new low before we should start considering 107.50 as the next bearish target; however once we get there the pair will be pips away from the bigger suppport trendline connecting March and July swing lows.

[NP][/NP]