USDJPY: This is a key level

FX:USDJPY   U.S. Dollar / Japanese Yen
5316 10
Major tug of war happening at this key juncture. The USDJPY is testing a key horizontal resistance and clear ceiling for the sideways range between 108-114.50.

The recent slowdown in upside momentum might be normal at this confluence of 114.50 horizontal resistance and the long term falling trend line . However, the level could be pivotal to the direction of the pair in the coming period.

The price could be forming a rising wedge amid falling momentum on RSI .

While all of the above technical reasons does not guarantee a reversal, it should be considered for a short position.

  • Aggressive traders can go short with a stop above that resistance area , for good downside potential. With First quick target at 113.10, and a second target around 111.75.

  • In the case that the price breaks and close a daily candle above 114.50, that would be another scenario and also can be traded to the upside. Targeting 115.50, then 118.00.

Trade with care

Ei Technician. You are one of the trader that I respect and I follow mostly. In this case, don't you think that we are simply in a correction after an impulse, and we will see another impulse near 117 area? Nice work as usual! My one is only a confrontation.
Like your sound analysis
Thanks mates for your comments.
+2 Reply
Thank you! Great!
thank you for your sharing your analysis
Very possible a break upwards and then the real rejection down.
+1 Reply
thank you for your clear analysis. No BS with you i like that
Thanks for the great analysis once again!
Thanks for the wonderful analysis! Love it!
Thanks for the great analysis!
please keep sharing, i like your ideas.
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