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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 ...
As you can see there are 2 chances to get a good opportunity, be patient and see what will be coming ..
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USDJPY is now testing major resistance at 109.76 (Fibonacci retracement, horizontal swing high resistance) and a strong reaction could occur at this level to push price down to 108.33 support (Fibonacci extension, horizontal swing low support). Our next level of resistance is at 110.36 (above multiple Fibonacci retracements, above pullback resistance).
UsdJpy - Daily chart - expecting bullish extension legs from here for all jpy pairs. Technically I see dollar index and jpy pairs on a pull back so good setups across all dollar and jpy pairs.
On Friday this pairs trading range fluctuated nearly 1000 points from highs of 113.45 to lows of 112.30.
Looking at the daily time frame price is currently respecting MA's and I am expecting a daily close above 112.80 to confirm bullish bias.
I have highlighted this as a key level in accordance with the daily trend line that stood firm throughout last weeks ...
Few key areas marked out here on this pair. Possible Inverted Head and Shoulders pattern here with just the rest of the right shoulder to form. Stops relatively tight if we get in on this soon. I would wait for a break out of the consolidation red box I have marked as there seems to be some indecision.
First target would be between the 0.50 and 61.8 fib levels ...
during weekends i do usually take a look at the bigger timeframes, such as weekly and monthly charts. This time i thought i'd share my view on USDJPY 0.17% . As you can see it represents a classical example of impulse-consolidation pattern(flag,triangle, wedge )-impulse(my prediction) and it's a pattern that repeats itself over and over again in all ...
this is my daily outlook on USDJPY. As you can see price has come back to test previous support zone that once is broken should turn into resistance. As of now, price has already showed some rejection signals, but it's not enough.
Watching closely to 1HR and 4HR in order to find shorting opportunities.
Keep you updated.
If you want to share your view, ...
As advised yesterday USDJPY managed to jump above 102.85 where market activate farther advance that will face resistance zone for the downtrend line around 104.30-50
From that zone will expect a drop correction to hit the market toward 101.75 zone
Above 104.50 market will face another resistance at 105.00-20