forexTrdr Sunday Setups: USDJPY WHERE THEM BULLS AT??
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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
Trend:
Tech levels:
Major keys to upside:
Major keys to downside:
Our aim is to keep analysis simple so that anyone can follow and learn from our work and hopefully our past performance highlights why we are different.
Interested in finding out more? Head over to our profile page and please give us a follow
Please comment and leave feedback- we will be bringing our analysis via video soon
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
Trend:
- 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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On to the next one.
If you dont know dont worry. Thats why our members sign up for our work because after >20 years trading professionally we know what technicals to look for.
On to the next one.
