It is possible to form a long-term model of the head and shoulders with a target level in the area of the level of long-term support.
The pair is forming a falling wedge pattern that usually breaks to the upside. Recommend buying at the break of the upper trend-line with a TP around 89.20-89.50. I personally don`t expect it to break the top. Once it gets to the 89.50 price level, I will be looking for sell setups for the longer term. MACD divergence supports the idea of a break to the upside.
Yesterday trade balance in Australia was below expetations (0.86B vs. 1.78B) which deppreciate AUDJPY below 87,5. Nevertheless today's retail sales was quite optimistics (0,3% vs. 0,2%). It's not a perfect data compared to the last read of this publication (0,6%), but fact that AUDJPY is now in support area and also Japan 10Y bond yield are descending, it could...
Failing to close below 128.5 area - now we see a break from the triangle to the upside. Expecting a retest of 130.5 area followed by 132.2
Like EUR/JPY my bias is long for CAD/JPY as well. Yen may lose more strength this week.
Usd/Jpy Daily - Price under trend line, fib and structured resistance. Good sell opportunity for 500-600 pips. This correlated well with Usd index weakness technically.
A break down of the support level of the Nikkei index may cause a simultaneous decrease in the yen.
Two long-term downward resistance levels may be the target of the current upward movement.
CADJPY is forming very well to buy and back to uptrend on Daily/Weekly timeframes. I can see huge resistance in front of us with strong trendline which is holding for a long time. We are watching for break Trendline + Resistance, retest and then buy until 84,8 area and then higher. First tp: 84.8 area Don't forget to trade with proper RM/MM and caution Good...
Good spot to load up. 106.5 is critical for long term momentum and the bullish 50 I have mapped out of monthly. PRZ=107.150-106.450 Note vertical timeline. >110 jeopardizes the idea. See linked chart
From a technical standpoint this pattern can be considered a bearish crab but not a perfect one. Specifically the B point is not a precise 61.8 retracement. From a fundamental standpoint there is a "risk on" attitude with eur(french elections) and aud(CPI - Friday) and so the JPY is being sold. Can you infer or confirm my assumptions?
Expecting the pair to make one more corrective move and than continue the bigger move up towards 147-148.
A model of continuation of the downward trend is forming - a downward consolidation.
Japan has been in a channel since the end of 2016, after the break of a wedge formation on the 12/03/17 coupled with a SAR swap and a fall outside the Keltner further bearish movement has been expected. This was tested on the 11/04/17 as the Nikkei convincingly closed outside of the channel. Today we have had confirmation of that break out.
A break down of the support level of the Nikkei index may cause a simultaneous decrease in the yen.