Appears that USD is weak across the board, Commerzbank backs it... so should you lol
In technical terms:
- Extra Pinbar (Nice and tasty)
- Downwards Trendline (May 2019 onwards)
- Profit Target at Monthly Pivot Point
BWOY Tell me I'm wrong.
As we are all aware, USDJPY has defied gravity recently, and I am pretty sure a lot of people have been stopped out at various points expecting a reversal.
I am hopeful for a reversal now, however not ruling out a further stretch upwards.
the chart on the right is daily, whereas the left is H4.
On the daily chart see how the price didn't significantly break...
The hammer candle from Tuesday bounced from recent resistance at 1.11200 indicating that sellers are not strong enough for a break below.
The Bollinger bands have also tightened showing a lack of volatility, which is often seen before a period of strong volatility.
I am holding out for a candle to break above the 1st top bollinger band and close in the upper...
The Candle prior to the latest bounced from the siginificant psychological support at 100.000, and the most recent candle appears to be forming a Harami. (see basic candlestick set ups).
Moving down to the oscillating indicators, the Yen seems to have reached a state of overextended strength inidicating a likely time for a reversal, while the Dollar and other...
The candle prior to the most recent has bounced from the significant psychological support zone of 100.000 and the two most recent candles look like the setup up for a Harami.
On top of this Relative Strength (Purple) indicator has changed direction and is heading back in the direction of buyers, yen is also showing over extended strength (see pair strength)...