Long-term look at USD/JPY, has it started peaking?
Overview- USD/JPY's bullish run since January this year has been quite
phenomenal. Thanks to the combination of stronger US Dollar and a weak Japanese
Yen( owing to strong equity market performance), USD/JPY has appreciated 8% in a span
of just 3 months. However, it looks like UJ might be peaking
Analysis - From the chart, you can see that price is moving within this price
channel since 2017 and UJ has reached the top of the channel where it has faced a small
rejection recently. The bulls may try to break this resistance once again. However, the area
between 110.50 -112 will continue to offer resistance.
Probable trade set-up - Based on the analysis, if price is unable to break the
111 resistance and bearish pattern forms at the top of the price channel, it might be
a good opportunity to sell USD/JPY@110 level and target 108 as initial TP.
Disclaimer - This is simply an analysis and not a trade recommendation. The trades will be
executed only if it meets the required criteria.
phenomenal. Thanks to the combination of stronger US Dollar and a weak Japanese
Yen( owing to strong equity market performance), USD/JPY has appreciated 8% in a span
of just 3 months. However, it looks like UJ might be peaking
Analysis - From the chart, you can see that price is moving within this price
channel since 2017 and UJ has reached the top of the channel where it has faced a small
rejection recently. The bulls may try to break this resistance once again. However, the area
between 110.50 -112 will continue to offer resistance.
Probable trade set-up - Based on the analysis, if price is unable to break the
111 resistance and bearish pattern forms at the top of the price channel, it might be
a good opportunity to sell USD/JPY@110 level and target 108 as initial TP.
Disclaimer - This is simply an analysis and not a trade recommendation. The trades will be
executed only if it meets the required criteria.