Technician

USDJPY: Approaching the Major High : Interpreting Price Action

FX:USDJPY   U.S. Dollar/Japanese Yen
916 9 14
This is an update to a sequel of price action analysis posts, please check previous below. Its not an actionable trade setup, but intended to be more of price action insight, and educational post on how to interpret price action over the long term to extract short term trade setups.

The pair failed at 100.75 support level as expected in my previous post, but the consolidation at that support took a long time before regaining the upside again.

The price manged to take 103.00 and 104.10 resistance levels, and approaching the main long term juncture at the 61.8 retracement level near 105.60.

I would continue to watch price action at that key level, as a break with a weekly closing above may confirm the extension of the long term bullish trend and targets the next potential milestone at 110.00.


Best of Luck , join me at https://twitter.com/thefxchannel
Also at my Facebook             page www.thefxchannel.com
My best regards,
Technician
If you dont want to miss any trade and see all the trades live, fully transparent. No bullshit like some others. Join my FREE channel here https://telegram.me/technician_forex_trades
Thanks Technician. Very comprehensive analysis. Waiting for more insight as time unreveals.
Reply
Everything is in place for a proper breakout! Hopefully the NFP tomorrow wont be disappointing.
Reply
thanks technician for this post its very informative
Reply
Sam0101
2 years ago
hi technician, what are the next level of resistance at this situation
Reply
Sam0101 Sam0101
2 years ago
Hey technician, do u think there will be a retracement for JPY before it goes high again to 110?
Reply
Technician TOP Sam0101
2 years ago
I have no clue GohSam, sorry :)
Reply
Sam0101 Technician
2 years ago
is 110 approaching ?
Reply
Technician TOP Sam0101
2 years ago
who knows buddy :)
Reply
HexVex
2 years ago
Can't believe out of the 10 000's of Tradingview users all over the world not one has the gift of precognition :) Good luck to all before FOMC!
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out