USD/JPY has formed consecutive lower highs indicating a bear market on the H4. On the daily you can see price bouncing off the daily support of 110.07 few weeks ago and retraced to the 61.8% fibonacci level before continuing the bearish momentum. Price has struggled to break the H4 resistance level of around 111.41, forming spinning tops and dojis with long wicks ...
CadJpy - Weekly timeframe - I see further strength in jpy pairs and good swing trade opportunities across major jpy pairs. This setup is a pending sell limit.
Not much risk here but a possible huge gain. 61.8 rejection and respected descending trend line again. TP down at touch of weekly trend line. Pending order set depending on market open
What I'm seeing on this pair:
UJ - 4hr
- Descending wedge shown on 4hr timeframe
- Would probably only being looking for shorts on this pair if the opportunity
comes about
UJ - Daily
- Stuck in this huge consolidation range
- Currently rejecting that area once again
- Current break of the ascending trendline
Here is what I'm seeing with this pair:
EJ - 4HR
– Breach of 4hr trendline, Expecting Pullback before possibly taking a long
position. Stops placed under previous lows
EJ - Daily
– Failure to break previous support now acting as resistance (Multiple tests)
– Tweezer Bottoms on what would be Wednesday and Thursday (Bullish
Reversal Signal)
– Daily bias would be ...
OBSERVATION: Since September 2016 price has been ranging within a wedge. The 1D view is showing that price has closed below the bottom trendline and bounced back up to a resistance zone and closed below it. All EMAs are bearish and the 20 is about to cross over the 50. We could see the start of a downtrend so I will be entering short targeting first 131.650.
Japenese index Nikkei225 - Price under major daily and weekly resistance. Good short trade with great risk to reward. This correlates with jpy currency strength.
