MACD and stochastic are indicating new uptrend might start soon.
Last time it happend was in the previous horizontal channel, and the price consolidated for quite some time, but never broke down below the horizontal channel.
I suspect this will repeat itself this time before we continure higher, although I don't think it will take that long.
as my previous idea...
There is still some more downside to be expected from this pair, pitchfork channel has been rejected on the 4H timeframe
as well as the ichimoku is still indicating down, until Chikou Span crosses price, I don't consider to go long.
this weeks event risk is not really going to send this pair any where to the upside, especially when we are expecting lower results...
Short term might be a bullish divergence, and the price might move back up before testing new lows.
Overall I believe the uptrend will resume, but first the 105.500 will be tested, at which point it will be heavely oversold.
Chart speaks for itself:
Positive NFP and unemployment rate send pair back into channel after correction down,
This pair will go to test 2008 high @ 110.700 befe any signifiant correction down will occur again.
Stoch RSI and bullish candle on Daily chart show uptrend will resume.
On the 1H chart, R2 is broken, next target top of channel, then might rebound down...
The pair found support at the 0.5 and 0.382 Fib. level, signaling the next move up,
Lower then expected USD Consumer Confidence (SEP) at 86.0 was not enough to break this level and therefore I believe this pair is going to go higher on the JPY Tenkan news.
Watch out for:
JPY Tankan Large All Industry Capex (3Q)
JPY Tankan Large Manufacturers Index (3Q)
JPY...
- Price found resistance on previous P (1.27100) which has now turned R1 and on the midline of the pitchfork.
- Price below descending trendline
- The Stoch RSI is showing the next move down.
- Stong US data this week will probably send this pair lower
These 4 factors combined suggest selling at R1 or even P
I see no reason to go long on this pair untill it...
Very basic buy opportunity on support
Struggle to overcome daily R1 today might send the price back down to test 109.240 level, IMO a good buy opportunity.
tomorrow a lower Japan Industrial Production m/m result will likely push the pair trough R1, this will definitely be the case if Chicago PMI and consumer confidence will be positive later in the day, which is...
