Technician

USDJPY: This is a key level

FX:USDJPY   U.S. Dollar / Japanese Yen
5244 10 177
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
Best
Technician

I teach my experience conclusions in 10+ trading strategies. PM me for details and cost.
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.
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Like your sound analysis
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Thanks mates for your comments.
+2 Reply
Thank you! Great!
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thank you for your sharing your analysis
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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
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Thanks for the great analysis once again!
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Thanks for the wonderful analysis! Love it!
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Thanks for the great analysis!
please keep sharing, i like your ideas.
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