- Price has held between 0.618 to 0.382 levels
- Bearish candle has formed below previous bullish candle
- Price has tested resistance twice before.
- Price may retest the resistance line again before breaking
- Confluence around resistance level
- Price tested resistance again
USDJPY has been trading in a bullish corrective triangle pattern on the weekly chart for a while now & the E wave upwards is in play.
We are expecting overall bullish price action to occur for huge profit targets of 200+ pips (possibility of further extension).
This chart is showing a nice long trade setup on the 4H timeframe.
Using a schiff...
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
USDJPY has been trading within a huge ABCDE corrective triangle on the weekly chart.
We have scoped down to the 4H chart to find a solid entry to a long position with extended profit targets.
Entries would be placed around current market price with a stop loss below the low around 109.000 - 109.110 & aim for targets of 110.000 & 118.000.
Updates will be posted...
Having a look a the bigger picture on the 4hr and daily I have closed the Long Trade I had.
Looking at the Daily there potentially is a further drop of around 50 pips before we could see price rally up.
When price last tested the 109.800 level price had a larger 475 pip move to the upside. This zone was rejected instantly the first time it was tested and due...
on the usd/jpy market I went onto the 4hr market and saw a bullish flag opportunity which was showing the text book definition so I went ahead and placed were I would like to enter the trade. I have also added in the stop loss and take profit as well.
Please make sure to check the analysis on the 4hr chart and check for entries on the 1hr chart as well thanks guys.
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.
The primary pattern in USDJPY is the large Symmetrical Triangle, formed from the 2015 highs and 2016 lows.
We have since broken to the upside, to form a secondary Ascending Triangle, which is bullish.
If price couldn't rally to test the prior highs in the 114 area, my medium-term bias would have been neutral. But the fact that price has rallied to this level...
The latest bullish bar was quickly returned to the original levels. I held a long position for close to a week now and recently exited on Friday's close. Perhaps on Sunday's open, I will reconsider opening another trade provided that the dollar's strength is still stronger than the yen.
USDJPY long. The exchange rate moves in a triple ascending wave structure. At present, the wave of the second ascending wave structure correction ABC is built up. this is supposed to be slowly over here. If the analysis is correct, it can be seen that within a few days the structure of the third wave structure can begin. Its target price is around 115.13 levels.
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.
USD JPY Trading Strategy based upon Trend
80 SMA -> Uptrend
480 SMA -> Uptrend
14 RSI -> Uptrend
Go Long when price touches the trend line
Stop Loss - 40 Pips below the trend line .
Profit Taking - Resistance line at 113.13
Dollar yen has broken out of its long term triangle pattern- LT resistance near 114.5
Scenario A) 4hr correction ends - trend continues to 113
Scenario B) 4hr correction has further to go - look for new longs near 112