On the Daily we can see a clear ascending price structure, which now also has a very clear support / resistance zone being respected as well.
The daily candle has failed to close above this level several times now so i will be looking for a short entry at the start of this week on the lower time frames.
We are currently still trending bullish. Im looking for one last push up to make a 3rd tap of the trend like and potentially higher to the 0.27 Fib ext. Then long term SHORT
USDJPY BULLISH overview, for a reversal of these lower zones that we have rejected I would like a break of the current DownTrend MS line and a retest before entering longs on this pair.
USDJPY - Intraday - We look to Sell at 109.07 (stop at 109.32)
Broke the sequence of 2 negative daily performances. Selling posted in Asia. The rally is close to an exhaustion count on the intraday chart. The 50% Fibonacci retracement is located at 109.07 from 109.72 to 108.42. Previous resistance located at 109.07.
Our profit targets will be 108.24 and...
Approaching daily trend line support.
Support around 108.92 Previous Daily Low.
Support at Daily EMA 31 & 200.
USD appears to be weak on the currency strength meter while JPY appears to be strong.
Also known as trading the “gopher” the USDJPY pair is one of the most traded pairs in the world. The value of these currencies when compared to each other is affected by the interest rate differential between the Federal Reserve and the Bank of Japan.
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