Numerous factors of confluence for a short here; Interacting with the Daily descending trendline, as well as testing a liquidity zone on the 4H. We have seen the ascending trendline tested multiple times I am anticipating a break to the downside soon, however I will close 50% of this trade when we do interact with the TL and watch price action to see how its...
Price has respected our trend line ( blue line ) broke resistance ( green line ) and is heading up to our TP zone ( green box )
Obviously this pairing is in an up trend as indicated by our trend line ( TL ) if you cant see that then go book an appointment with your optician ;p
Also if you get the daily chart up on this pairing you will see the last 3 candles...
Ever since the extremely large drop on USDJPY and most other fx pairs, UJ has been travelling in an ascending channel and we have just saw the bottom.
TARGET IS MARKED OUT ON THE TRADE IDEA ABOVE - ENJOY YOUR PROFITS ON THIS TRADE...
PURPLE ARROWS - resistance
ORANGE ARROWS - support
As you can see price has been used for support and resistance on both timeframes on a regular basis, Now price is almost at this level so we will be looking for a BREAK or BOUNCE of this important level... if price BREAKS and closes above this level we will BUY, if price BOUNCES and closes below this level we...
USD JPY , is about to explode for one of the directions! We can see that we are consolidating around 109.831-110.00.
At this moment a clean break of the trend line will take us to 110.350 or even 110.600.
However a daily break of 109.70 can take us to the lows of 109.050.
This is a trade that you do not want to miss!
All of the best
Is USDJPY diving back down to 112.600 area to grab some liquidity, only to return back North again/ Looking left at the chart on a 4hr this can be seen many times. Busy day today & tomorrow fundamental wise, let's see if this 112.600 holds, could be a possibility of a break down to 112.450 for a stop hunt before positive news takes affect...
USD/JPY could be on its way towards 112.600. 20 & 50MA actually look like we could spike towards them region, but I am going against this and as the trend shows we could be heading towards this zone once again.
UJ in my perception seems to be in a bullish trend until 114.200 resistance zone. Price respected the 0.618 Fib retracement and at this point we are at .50 fib region. I will consider to enter a Buy position depends on the market opens.
Let see if we can reach our Main Target Fib ext -27% and Daily resistance zone.
Neutral view at the moment, as we had a break of the ascending trendline on Friday with a retest of this trendline just before market close. Moving averages were set to cross but this could just be a fakeout. The daily timeframe shows a very close rejection of the same ascending trendline, however price has ranged since the end of April. Daily candle close Friday...