Description: As shown above we have USDJPY . Currently this pair is
ranging and consolidating between 110.650 – 114.550, Since the 5th Feburary Price was falling into this zone, from mid
2015. For that reason i expect price to retrace to at least a 38.2 of the previous yearly high.The is
currently a also the is at 50.0 or just below indicating some indecision & possible turning point. The Weekly is showing us
a Harami Pattern, indicating previous and present buying power.
However we have a on the daily, which could see a pause in the momentum and a possible retracement of
0.382-0.50 Which is the setup i posted last night.I posted a chart earlier this week which had shown the strong support and
buying ground we had at Monthly Support 110.650 for This reason I'm still long on this pair overall.
On the Daily we have a , This seems to be a result of price rallying but failing to close beyond Weekly Resistance.
I am wary price could follow through to retest Weekly Resistance on So the previous long setup is still valid.I anticipated it
would not happen straight away and a break of the Black TL could see the retracement happen.As shown price has respected the
Black TL and we possibly have a trend continuation on the cards.
I am still sceptical to continue long however the markets tends to repeat and create new which is what we
potentially have setting up and this is why i am posting another long position.Have at a look at the navy key level/Weekly
Resistance if we see price hold above or just below ( previous support & structure highlighted in pink/neon blue ) Then we will
more than likely see a similar structure followed by a higher high/ move toward monthly resistance.
Using these indicator/s: [200 ,20 ,10 EMA] We can see the 200 crossing below price just below Weekly Resistance!,
The 10 seemed to have try to cross below the 20 which didn't happen. Also shown
on the price is currently in territory, on the 1hr 4hr & Daily. We are overbought on the 4HR but
not the daily or weekly which indicates there is space for more momentum.
Duration: Short Term
Decision: I will BUY this pair on the break of the BLUE TL as it is very significant & a break of that could see price easily
head toward monthly resistance.
TP 1: 114.350
SL: 112.900 - 112.700
Thank you for viewing my idea. If you decide to take this trade,please leave a comment and a thumbs up. I will be happy to stay in touch to see how the setup is planning out.
Your also welcome to post you analysis below.
Remember to always trade your stratergy... Happy Trading
INDICATORS: Moving average
ATTACHED CHART : YES