USDJPY UPDATE for Weekly Forecast 20th - 25th Jan 2020
- UJ is sitting at our first buy zone @109.95 level.
- If correct confirmations occur this will be great place to look for bullish moves.
- If market can break this level my next buy zone will be at 109.45 so this short move can deffo be scalped.
All analysis was sent out on sunday on all my platforms!
good Saturday traders!
yesterday, after I posted the analysis on chfjpy I have received a lot of questions about usdjpy .
thought, in my view, these pairs are currently very closely correlated,
let me share with you my thoughts on usdjpy .
first of all, on 4H the market has recently reached a strong horizontal resistance...
Here is a short trade set up using my own personal strategy.
Targeting a lower low on the 1hr timeframe for over 3:1 RR
Check out my blog for my strategy and more free technical analysis diaryofafinancekid.com
usdjpy has recently broken below a key support level on 4H,
quite quickly though the market has returned within the boundaries of a wide trading range 107.4 - 108.4
simultaneously braking the falling parallel channel .
now the lower boundary of the range will be again significant support for the buyers,
Nice set up forming on USDJPY with multiple timeframes coming in to alignment.
Daily timeframe is producing a new lower high with price rejecting the fib 0,786 retracement level and a previous bullish trendline to act as resistance.
I will wait for the 4hr chart to produce a trend reversal set up before entering. I want a lower low and the bullish 4hr trendline...
. There is a possibility of temporary retracement to suggested support line (106.75). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. USDJPY is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
USDJPY is struggling to breach 106.650 and a nice 4hr resistance zone has formed here. I am looking for 2 things to happen.
1) Bullish momentum break of the zone to take us to 108.500
2) Bearish rejection of this zone and a break of the ascending TL to take us down to the 105.00 support zone
We have multiple indicators lining up to suggest US dollar versus Japanese Yen price action is about to head lower towards low 107 area.
Firsly we have a descending trendline that we have highlighted on our trading view chart coming from 109 area on 10th of July and being tapped twice overnight at low 108s before pulling back to 107.85 area. ...
US dollar versus Japanese Yen flagging a bearish pattern with the formation of a Bearish Harami as RSI hits resistance level and Stochastics trade in extreme overbought territory on 4 hourly.
Looking for this pair to head lower from here back to 108 levels then a potential break down to 107.5
Follow us on tradingview under forexTrdr to get...
After completing the Elliot Waves, the pair shifted in momentum and is currently in a downtrend.
We can see an inverse H&S getting formed and we can capitalize in the formation of the right shoulder as shown in the chart.
As long as the Fed keeps talking down and denying the Word RECESSION we will maintain our short stance on the USDJPY
Trumps omission that the FED has increased Interest rates too quickly and looking for a reduction is just trying to chase the market .
This will effect the USD Index
once this starts to drop it will possible retest 107
We will stay south of out...
Following on from my Forex Market Breakdown Volume 5, price seems to be following suit.
We continue to consolidate between hourly support and resistance sitting between 111.756 - 111.980. Previously short term support was broken and retested and price formed a potential short setup from this zone. However, this turned out to be a fake out and since then price...