Good morning traders,
And welcome to a new week- our recent tradingview charts were unfortunately removed due to us breaking house rules of including our website in the title. So we are reposting this US dollar Japanese Yen setup from Friday which is still live. Friday was an extremely technical day with option expiry's driving Yen pricing into the end of the...
112.13 USDJPY traders mark that level on your charts , Going off Price action alone and not boring you with the other 3 reasons we have gone short on the USDJPY , you can see that the 112.13 has been an excellent reversal pivot price for the USD JPY
a little bit of USD Index relaxation and we may see a little drop
We anticipate a lot but a Little would be great
As you can see USDJPY has reached to 112.000 handle which has acted as a key level of support and resistance on a number of occasion in the past.
While RSI is also seriously overbought situation and JPY is expected to be strengthen over the coming week. Added bonus we have a perfect reversing signal sitting on top of the chart.
I have gone short...
USDJPY could potentially start a downtrend shall prices able to close below the red trendline.
Potential downtrend targets will be 110.800 or even 109.600. However this downtrend analysis is negated if prices broke above the green trendline.
This because a close above the green trendline will spark an uptrend towards the 114.500 or even 115.600 levels.
USDJPY has been consolidating between the green and red trend lines for quite some time. The market is preparing for a major trend.
Here are the potential scenarios.
A break and close below the red trendline will spark a strong downtrend.
On the other hand, a break and close above the green trendline means USDJPY will resume it's strong uptrend.
Possible long position for USDJPY. Price has been moving above both the 200 and 50 EMA indicating a long bias. Price has also broken a local resistance zone so could be going up. Tiny stop loss of around 17 pips and a 100 pip take profit, good risk:reward.
Here we have a small ascending channel marked by the red trend lines inside a much larger ascending change channel marked in the the blue lines.
We have had two touches on the upper trend line on the large ascending channel marked out by the blue circles and we have two touches on the upper trend line on the smaller ascending channel marked by the red circles....
The USDJPY pair jumped above the 200-DMA yesterday and extended gains to the levels marginally below 112.00 on Friday. The pair rallies for a second day in a row, rebounding after three days of losses as buyers reemerged at bearish attempts around 111.00.
The greenback saw a limited downside pressure from the dovish FOMC minutes as traders were ready for such...