Here is my first ever top down analysis of the JPYUSD, (I'll appreciate any constructive criticism and points I need to improve on):
From a Top Down Perspective:
Weekly:
Price was at an uptrend then reached a swing high and then reversed. Resistance Zone was identified from 0.009829 to 0.009942, which previously served as resistance, historically speaking. Support Zone was Identified from 0.009059 to 0.0094. Price has crossed the 20-week Moving Average
Daily:
Price is at a downtrend. Resistance Zone was identified from 0.009670 to 0.009942, which previously served as resistance, based on the Flag consolidation of the previous uptrend. Support Zone was Identified from 0.00927 to 0.0094, based on previous swing high and swing low. 0.009059 was identified as a level of interest since a rally started once price reached that level. There were several supply and demand areas that were observed.
Price has crossed the 20-day Moving Average. Price Action has exhibited and Head and Shoulders Pattern but the Right Shoulder has not yet been formed.
4-Hour Time-frame:
Price is currently consolidating in a range. The 20-period Moving average crosses below the 50-period Moving Average, signaling a downtrend and negative sentiment. The RSI is also decreasing with no Divergence and its value is less than 50, signaling a Bearish phase; it is also decreasing, signaling increasing momentum for the downtrend. In terms of Volatility, price is between the lower Bollinger Band and the 20-period Moving Average and it appears to be approaching the lower Band, indicating that the downtrend is gaining momentum. As there are no divergences between the price action and the RSI, there is no indication that momentum will be decreasing nor will the downtrend be weakening anytime soon.
Price is currently testing the identified support level, should the downtrend continue to maintain or gain momentum, then it is likely to enter the support zone. From there, observe whether price will break support levels or will bounce off the level to meet the resistance zone.
Since Market is in Bank Holiday, I'd opt to stay out of the market for today
From a Top Down Perspective:
Weekly:
Price was at an uptrend then reached a swing high and then reversed. Resistance Zone was identified from 0.009829 to 0.009942, which previously served as resistance, historically speaking. Support Zone was Identified from 0.009059 to 0.0094. Price has crossed the 20-week Moving Average
Daily:
Price is at a downtrend. Resistance Zone was identified from 0.009670 to 0.009942, which previously served as resistance, based on the Flag consolidation of the previous uptrend. Support Zone was Identified from 0.00927 to 0.0094, based on previous swing high and swing low. 0.009059 was identified as a level of interest since a rally started once price reached that level. There were several supply and demand areas that were observed.
Price has crossed the 20-day Moving Average. Price Action has exhibited and Head and Shoulders Pattern but the Right Shoulder has not yet been formed.
4-Hour Time-frame:
Price is currently consolidating in a range. The 20-period Moving average crosses below the 50-period Moving Average, signaling a downtrend and negative sentiment. The RSI is also decreasing with no Divergence and its value is less than 50, signaling a Bearish phase; it is also decreasing, signaling increasing momentum for the downtrend. In terms of Volatility, price is between the lower Bollinger Band and the 20-period Moving Average and it appears to be approaching the lower Band, indicating that the downtrend is gaining momentum. As there are no divergences between the price action and the RSI, there is no indication that momentum will be decreasing nor will the downtrend be weakening anytime soon.
Price is currently testing the identified support level, should the downtrend continue to maintain or gain momentum, then it is likely to enter the support zone. From there, observe whether price will break support levels or will bounce off the level to meet the resistance zone.
Since Market is in Bank Holiday, I'd opt to stay out of the market for today