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
USDJPY broke out of its horizontal resistance-turned-support level at 105.60 (horizontal overlap support, breakout level). A strong bounce could occur at this level pushing price up to our major resistance at 106.67 (horizontal swing high resistance, 76.4% Fibonacci retracement, 100% Fibonacci extension) which coincides with the long term descending resistance ...
USDJPY is approaching our first resistance at 105.27 (horizontal overlap resistance, 23.6% Fibonacci retracement, 61.8% Fibonacci extension). A strong reaction might occur at this level, pushing price down to our major support at 104.63 (100% Fibonacci extension, horizontal swing low support).
RSI (34) is also approaching our major resistance line at 54%, in ...
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).
Support at 107.830 (thick red line) seems to be a buy signal for most, although there is strong support coming from 2012 (purple line) which was tested in June 2016, twice in August 2016 and twice again in September 2016 which all failed to break. Ill be placing buys when UJ touches the purple support line, with SL below the thick red line - personally don't think ...
USD Index Weekly: The index has traded to the lowest level in 159 weeks. This has resulted in signals for sentiment being at oversold extremes. Levels below the trend of lower lows (from Q3 2015 and Q2 2016) are finding buyers. A break back above 91.00 would reignite USD bulls.
One currency pair that would take advantage of this reverse in trend is USDJPY. ...