forexTrdr Sunday Setups: USDJPY WHERE THEM BULLS AT??

FX:USDJPY   U.S. Dollar / Japanese Yen
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Where those bulls at on USDJPY? Thursdays failure to breach or even reach the 5th of Marchs high at point B (112.13) suggests Bullishness is fading and we are seeing the start of a descending triangle . Add in a strong technical that we are not going to discuss here we are looking for a test of the green support line from January lows and potential move down to the lower purple resistance level around 110.3. Key here is a breach and hold below the Jan support level . If we bounce and are subsequently able to breach 112.13 then bullish mode re-engages and we test the .786 fibonacci level from October high (112.3 area blue line).

Week Ahead
  • Sunday 17th March:
    Japanese import/export and trade balance data - very low impact

  • Monday 18th March:
    Japanese industrial production data - medium impact

  • Tuesday 19th March:
    BoJ policy meetings - potential for high impact
    US Factory Orders & Durable goods - low impact

  • Wednesday 20th March:
    Fed Meeting - potential for high impact

  • Thursday 21st March:
    Japanese Inflation data - medium impact

  • Friday 22nd March:
    Japanese PMI - medium impact

  • Ascending trend line supporting market since Jan low.

  • Month to date showing lower highs

Tech levels:

Major keys to upside:
  • 112.13 point B and 5th of March high that failed to breach last week

  • 112.35 area- Fibonacci support from October high

Major keys to downside:
  • 111.24 area January support line

  • 110.88 point C on chart

Trade closed: target reached: Japanese financial year end technical trade done.

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