The USD/JPY pair completed its bullish pattern to the upside on a 30 minute time frame as predicted. This bullish pattern and move to the upside was predicted in our analysis on 12th July. The price is trading below the 50 day (shown in green) and trading near the 100 day (shown in yellow) moving averages which confirms that the bulls are losing their control. If the price action does break the 100 day moving average than the bias could be to the down side.
However, the pair is still trading above the rising trend line and has not broken this line once which confirms that the upward trend is still intact.
The RSI is also trading in line with the price action which means that the price action may move lower before bouncing back up.