Testing the top of a trading channel towards Kuroda's speech
Since its rally from 100, $USDJPY price managed to climb above 2 MA lines and above the 102 structure zone (now all are support).
Tomorrow morning (check local time) Kuroda is scheduled to speak.
My longer term analysis suggests that the bullish move in USDJPY has just begun but it doesn't mean there can't be a pullback before the next bullish wave.
104 is the key zone to focus on this week.
A breakout will lead to extended rally towards 108.
A decline can trigger the two reversal patterns (Pinbar and Outside Bar) and lead USDJPY back to 102 and maybe even 100 again.
This analysis is part of this week's newsletters - The Weekly Markets Analysis - Check out more trading ideas for stocks and Forex here - goo.gl/5f5NyX
Tomer J,
The Market Zone
www.themarketzone.net/
marketzone.tumblr.com/ - My blog
www.youtube.com/c/TheMarketZoneNet - Youtube channel
Tomorrow morning (check local time) Kuroda is scheduled to speak.
My longer term analysis suggests that the bullish move in USDJPY has just begun but it doesn't mean there can't be a pullback before the next bullish wave.
104 is the key zone to focus on this week.
A breakout will lead to extended rally towards 108.
A decline can trigger the two reversal patterns (Pinbar and Outside Bar) and lead USDJPY back to 102 and maybe even 100 again.
This analysis is part of this week's newsletters - The Weekly Markets Analysis - Check out more trading ideas for stocks and Forex here - goo.gl/5f5NyX
Tomer J,
The Market Zone
www.themarketzone.net/
marketzone.tumblr.com/ - My blog
www.youtube.com/c/TheMarketZoneNet - Youtube channel
Trade closed: target reached
