One of my first full analysis of USDJPY feel free to comment /correct any of my mistakes
*Some of my terminology that I personally use*
South = Price moves down
North = Price moves up
Monthly
- Price is at 105.660 area approaching a Monthly resistance zone at 104.00
- Kumo Twist to south and price inside of Green Cloud with Lagging line approaching cloud and Tenkan|Kijun cross happening in January and price forming under candlesticks
- By end of month if trend continues south 3 Black Crows (www.investopedia.com...hree_black_crows.asp) formation appears to look for price to test/breakthrough 99.000 area (25% on Fib) and several months of downtrend but will look to take sells for the rest of the month as well as the rest of April if 3BC forms from March candle
- Looking at RSI (40 area) and CCI (-99) Shows downtrend continuation but is not far from oversold territory which also makes me believe further that price will push south to the resistance area
- A possible alternative is price testing 104.00 area then begin forming a Harmonic Pattern after a short retracement to 112.441 - 115.84 (50%-61.80% on Fib) which would make the 5th and final line of the Elliot Wave before making a XABC formation
Weekly
- Price is consolidating in 23.60% area on Fib Last time price was in this area (June 6th, 2016 - November 14th, 2016) Price tested 99.00 area, consolidated in Major Support area, then moved north for a straight 4month north movement and testing and breaking resistance area before a smooth move south testing resistance 4 times before coming to where pice is now
- CCI shows Oversold price my bias is price will play/consolidate in 23% area if price breaks structure (I’m positive that it won’t … yet because of CCI oversold and RSI not showing oversold conditions )
- According to Ichimoku price has broken previous structure but I would like to see price break Major support area to take any long-term sells because of ichi on Monthly
Daily
- So far price is oversold on every chart (CCI)
- Witnessing newly formed TK Bounce from two days ago if price closes below current area forming another 3BlackCrows possible daily trades to the south to 104.00 area
- If price does not break current support look for Double bottom Formation with price to go north to 109.00 area
- Placed two possible pending depending on what price does in next few days both 1:2 trades
- (If double bottom forms) Buy Stop - Entry 107.500 | TP 109.309 | SL 106.592
- (If price breaks support) Sell Stop - Entry 105.223 | TP 104.000 | SL 105.883
*Some of my terminology that I personally use*
South = Price moves down
North = Price moves up
Monthly
- Price is at 105.660 area approaching a Monthly resistance zone at 104.00
- Kumo Twist to south and price inside of Green Cloud with Lagging line approaching cloud and Tenkan|Kijun cross happening in January and price forming under candlesticks
- By end of month if trend continues south 3 Black Crows (www.investopedia.com...hree_black_crows.asp) formation appears to look for price to test/breakthrough 99.000 area (25% on Fib) and several months of downtrend but will look to take sells for the rest of the month as well as the rest of April if 3BC forms from March candle
- Looking at RSI (40 area) and CCI (-99) Shows downtrend continuation but is not far from oversold territory which also makes me believe further that price will push south to the resistance area
- A possible alternative is price testing 104.00 area then begin forming a Harmonic Pattern after a short retracement to 112.441 - 115.84 (50%-61.80% on Fib) which would make the 5th and final line of the Elliot Wave before making a XABC formation
Weekly
- Price is consolidating in 23.60% area on Fib Last time price was in this area (June 6th, 2016 - November 14th, 2016) Price tested 99.00 area, consolidated in Major Support area, then moved north for a straight 4month north movement and testing and breaking resistance area before a smooth move south testing resistance 4 times before coming to where pice is now
- CCI shows Oversold price my bias is price will play/consolidate in 23% area if price breaks structure (I’m positive that it won’t … yet because of CCI oversold and RSI not showing oversold conditions )
- According to Ichimoku price has broken previous structure but I would like to see price break Major support area to take any long-term sells because of ichi on Monthly
Daily
- Witnessing newly formed TK Bounce from two days ago if price closes below current area forming another 3BlackCrows possible daily trades to the south to 104.00 area
- If price does not break current support look for Double bottom Formation with price to go north to 109.00 area
- Placed two possible pending depending on what price does in next few days both 1:2 trades
- (If double bottom forms) Buy Stop - Entry 107.500 | TP 109.309 | SL 106.592
- (If price breaks support) Sell Stop - Entry 105.223 | TP 104.000 | SL 105.883
Trade active:
sell stop activated