USD/JPY | Going up! (READ THE CAPTION)

Apr 16

As you can see in the 4H chart of USDJPY we can see that in one drop in the earlier hours of today, it dropped all the way to 158.26 level, hitting all of our targets based on the previous analysis, and then bounced back up from there, reaching 159.06 and now being traded at 159.03.

I expect USDJPY to retest the April 16th NDOG and go through it towards the march 23rd NWOG Low at 159.22, go through this one as well and go for the April 13th NWOG C.E. at 159.43. Should it break above it and stabilize there, further rise to 159.60 is likely.

Targets: 159.05, 159.15, 159.25, 159.35 and 159.45.

However, after sweeping the liquidity above the 159.15, failing at retesting the March 23rd NWOG could result in dropping back again below the April 16th NDOG, and first target will be at 158.70 and then 159.49 levels.

Apr 17

Trade closed: target reached

As you can see, USDJPY reached its final target at 159.45 based on the previous analysis and then after reaching a high 159.53, which is above the Consequent Encroachment of the April 13th NWOG and then dropped, currently being traded at 159.04.

I expect USDJPY to drop further to the April 16th NDOG and then fall below the 159.96 level, going all the way down to the Discount Wick C.E. at 158.49 and then bounce back up from there.

Targets: 158.90, 158.80, 158.70, 158.60 and 158.50.

However if USDJPY bounces back up from the April 16th NDOG, first target for it will be at 159.24 and if it breaks above this level strongly, it can go higher to reach the 159.53 level and above it to sweep the liquidity above it.