Again, I am by far, no professional trader. This is a personal analysis of what I'm projecting. Do not make trades solely based off this projection. Do your own research. Feel free to comment your findings
FOREXCOM:USDJPY
snapshot
So analyzing USDJPY on the month chart. I can see a nice pattern forming. back in 2011/2013 it came to a nice low of $75-80 creating a nice support for a new uptrend. From here we can see a beautiful breakout heading into the Ichimoku Cloud . Upon passing it made a slight sideways trend before skyrocketing to a new all time high of 124 on this chart where it met a nice resistance and pulled back. If registered fast enough a decent short could have happened but according to the chart. This short can be sen in the day chart, Here it bounced off the 0.5 line and rose again to almost 120 before trending sideways into the cloud and entering a nice year long downtrend. now in 2021, it has started a reversal. However as of now, we are in another side trend hovering between the 0.382 and 0.236 lines on a fib retracement and inside the cloud. One of two things could happen here, One we could see a breakout and it go bullish until it hits 124.00 again and either we will see another support or it will pass. The other option is it turning bearish and retracing. As of now, I'm getting a more Bullish move is in the works. As of now, the day chart is showing us in a bullish move above the cloud. So the overall direction is bullish . With a few dips below testing the 109 line. This is looking to be a nice long term bull run to me. What do you all think?
FOREXCOM:USDJPY
snapshot
So analyzing USDJPY on the month chart. I can see a nice pattern forming. back in 2011/2013 it came to a nice low of $75-80 creating a nice support for a new uptrend. From here we can see a beautiful breakout heading into the Ichimoku Cloud . Upon passing it made a slight sideways trend before skyrocketing to a new all time high of 124 on this chart where it met a nice resistance and pulled back. If registered fast enough a decent short could have happened but according to the chart. This short can be sen in the day chart, Here it bounced off the 0.5 line and rose again to almost 120 before trending sideways into the cloud and entering a nice year long downtrend. now in 2021, it has started a reversal. However as of now, we are in another side trend hovering between the 0.382 and 0.236 lines on a fib retracement and inside the cloud. One of two things could happen here, One we could see a breakout and it go bullish until it hits 124.00 again and either we will see another support or it will pass. The other option is it turning bearish and retracing. As of now, I'm getting a more Bullish move is in the works. As of now, the day chart is showing us in a bullish move above the cloud. So the overall direction is bullish . With a few dips below testing the 109 line. This is looking to be a nice long term bull run to me. What do you all think?
Comment:
Right now, USDJPY is in a side trend trying to decide if it wants to battle for another climb or if it is going to retrace again. As of now JPY is trading on a weak trend and the USD is as well, and we have a High RSI all of which could lead to a nice pull back.