USDJPY 240 long – one more impulse upward to a trendline

OANDA:USDJPY   U.S. Dollar / Japanese Yen
I don’t usually do much analysis at the 1W level, but this one is pretty striking. We are near the top of an apparent trendline that started back on 1 Oct 2018. We are close to the third touch to this line. I think on the 1W level, we can expect a downturn.

Shifting to the 1D, I had been tracking an UT since 26 Aug 2019. PA has now dipped below the bottom of that trendline and has retested it as resistance. This supports a shift to a falling trend on the longer time frames.

But finally looking at it on the 4H, I think we have one more upward impulse before the PA hits the upper trendline. I’ll be looking for a retest at the probable HL and a break above the RSI trendline.
Trade active: This shows the entry, TP, and SL
Trade closed: stop reached: As the trade was starting out, I moved the SL to BE. So it hit but then worked out per the initial analysis.


Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out