USD/JPY Weekly Outlook

FX:USDJPY   U.S. Dollar / Japanese Yen
Here on the 4h chart of USD/JPY             we have a potential long position setup in the coming Days / Week.

The grey box indicates the previous structure resistance which was broken on 26/05/2015.
With this being a strong resistance area prior to it's break, we feel this should act and hold as strong structure support .

Taking a Fibonacci from the impulse leg of the move we get a .618% retracement coming in and the bottom of a bearish wedge , thus giving us more confluence to look at getting long on this pair.

Have a great trading week.

Trade Update:
USD/JPY has once again made a lower high and with a close of this candle making a lower low.
The green PRZ (Price reversal Zone) area is roughly 20pips away. At the entry of the green box we will be looking to get long if all criteria's are met.

Updates to follow.
lol i just posted the same idea...
+1 Reply
TomHall Shun-Jiru
Hopefully all goes to plan :-)
Good job as usual.
+1 Reply
TomHall eb0b1852b8a04587a2caaf3b2b02a1
Appreciate the comment, Thank you.
Looks good Tom
+1 Reply
TomHall o5jaylee
Thanks very much.
Very good analysis as usual. Thank you. Elliott
+1 Reply
TomHall Elliott Moore
Thank you :-)
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