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...
AFTER A STRONG BEARISH WEEK JUST GONE THE MARKET OPENED AND HAS NOW RETRACED TO PREVIOUS STRUCTUAL SUPPORT (NOW RESISTANCE) AS EXPECTED. WE HAVE SIGNS OF BULLISH EXHAUSTION ACROSS 1HR AND 4HR TIMEFRAMES SO I'M ADDING MORE TO MY CURRENT ORDERS ( SEE RELATED IDEAS CURRENTLY 100 PIPS RUNNING) AS THIS IS A CLEAR DOWNTREND FOR ME. GREAT RR IF GET IN WHERE STATED ON GRAPH.
price has rejected off the descending trend line with a shooting star on the weekly chart also a bearish engulfing candle indicates alot of selling pressure in this pair. wait for a retest of support and look for clear signs of rejection before entering a short position
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I will begin USDJPY ZeroMarket FX Chart Analysis for January 22th
This is XAUUSD 30m candle chart for yesterday.
After it broke down below parallel supporting line, it ended up drifting sideways.
After it did not have any rebound nor...
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!
USDJPY Weekly Forecast 20th - 25th Jan 2020
- USDJPY starting this week above broken resistance turning support at 109.28.
- Going into this week looking for bullish continuations..
- Best risk to rewards entries to go long will be if market pulls back to broken resistance but will watch the market for accurate entries after opening hours.
- Will take shorts...
The USDJPY has shown strong resilience to uncertainty and bearishness in the market; this is a long only asset in my eyes. We identified a potential range which we saw price break out of, any pullbacks on this asset is a buy. Pullbacks can be quite strong so wait for some buying confirmation before taking a long position.
all the best,
after a bullish break on the weekly and looking over at the dxy looking to gain more strength this looks good to carry this bullish momentum on , check the lower time frames for a clean entry or a retest on the zone