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MountOlympusFx

USDJPY BUY: Weekly, Daily & 4hr Breakdown

Long
U.S. Dollar / Japanese Yen (FX:USDJPY)  
MountOlympusFx Updated   
FX:USDJPY   U.S. Dollar / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns USDJPY Forex
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trendanalysis harmonicpatterns chartpattern usdjpy forex
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USDJPY Weekly:
• After the huge flash crash 2 weeks ago, markets have recovered a bit with still a bit more recovering to do.
• After forming that long wicked candle last weeks candle closed as a Doji above 108.50 psychological level.
• Moving averages crossed bearish however price is recovering so this pair is bullish for now.

USDJPY Daily:
• Yesterday was very bullish with strong bull candle breaking through 108.94 resistance and closed above it.
• Now expecting some more bullish movement with the next target at 109.43 resistance.

USDJPY 4hr:
• On the lower timeframe price is in a very strong bullish trend forming higher highs & higher lows.
• After daily break of 108.94, its likely for price to retrace down to 108.75 support + 0.5 Fibonacci level and rollover to 109.43 to form new highs.
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