This is my analysis of USDJPY for this upcoming week.
On the higher time frames we can see clearly USDJPY has entered a major overbought area (119-120). Last week price broke through our resistance level around 119.000 and is now using 119.000 as support. The blue zones on the chart represent 4HR BOS's and the red represent 1HR BOS's. The orange is the overall overbought zone we are currently in on the weekly & monthly timeframe.
On the lower timeframes we can see after hitting 119.250 price has shown some exhaustion and began to retrace. My prediction is that price will retrace back to our support of 119.000 which is also .50 fibonacci retracement before making its final climb to 119.500 or 120.000. Within this range we can look for price action to confirm our anticipate sells.
These are my anticipated take profit levels:
TP#1 118.250
TP#2 116.500 (major area)
TP#3 114.000 (major area)
On the higher time frames we can see clearly USDJPY has entered a major overbought area (119-120). Last week price broke through our resistance level around 119.000 and is now using 119.000 as support. The blue zones on the chart represent 4HR BOS's and the red represent 1HR BOS's. The orange is the overall overbought zone we are currently in on the weekly & monthly timeframe.
On the lower timeframes we can see after hitting 119.250 price has shown some exhaustion and began to retrace. My prediction is that price will retrace back to our support of 119.000 which is also .50 fibonacci retracement before making its final climb to 119.500 or 120.000. Within this range we can look for price action to confirm our anticipate sells.
These are my anticipated take profit levels:
TP#1 118.250
TP#2 116.500 (major area)
TP#3 114.000 (major area)