Technician

USDJPY: Approaching the Major High : Interpreting Price Action

FX:USDJPY   U.S. Dollar/Japanese Yen
918 9 15
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 http://www.thefxchannel.com
My best regards,
Technician

Latest trading ideas: https://www.youtube.com/channel/UC02s7uiUQl55HkhHZDM6eUw/videos

Free Telegram Channel: https://t.me/technician_forex_trades

Trading Signals Redefined: https://thefxchannel.com
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
hi technician, what are the next level of resistance at this situation
Reply
Sam0101 Sam0101
Hey technician, do u think there will be a retracement for JPY before it goes high again to 110?
Reply
I have no clue GohSam, sorry :)
Reply
Sam0101 Technician
is 110 approaching ?
Reply
who knows buddy :)
Reply
thanks technician for this post its very informative
Reply
Everything is in place for a proper breakout! Hopefully the NFP tomorrow wont be disappointing.
Reply
Thanks Technician. Very comprehensive analysis. Waiting for more insight as time unreveals.
Reply
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out