USDJPY : Deeper rotation back to the 106.80 support level ?
USDYEN!!!!
Price has seen strong buying pressure from the 104.60 key long term support level and a confirm break and close above the 106.80 has put bulls in control of the USDYEN market. We can see a long term range in this pair with prices respecting the key horizontal levels well. We now will drill down to the weekly chart to see if we can find some confluence supporting our bullish bias in this asset.
Price has seen some selling pressure just under the 109.00 overhead near-term resistance level, however, we will not be considering the sell setup formed from the weekly near-term resistance as it is counter trend and does not go well with the recent bullish momentum we have seen in this market. We ideally would like to join the buyers on a breakout above or after the deeper rotation back to the 104.60 – 106.80 key support levels.
Now, in order for us to find the entry points, we will be drilling down to the daily chart & will see if the daily chart’s price dynamics go in-line with our short-term bullish bias for this pair
So let’s have a look at the daily chart and see if we can find some confluence here backing our Short-term Bullish idea on this Pair:
USDJPY DAILY.
Drilling down to the daily chart has indeed given us more clarity into recent price momentum and has clued up that current price action is indeed supporting our Short-term Bullish bias on this pair. A clear short-term uptrend is in place with price seeing some selling pressure from the 109.00 near-term resistance level. We do have counter trend Setup (Pin bar) available on the daily which actually goes in-line with the weekly price dynamics & can only be taken on the confirm break and close under the daily trend-line and at/after the pullback to the value. Stop above the line is a must.
Ideally we would want to join the trend by entering on a breakout of 109.00 or after a deeper rotation back to the 106.80 support level but only after a price action Setup.
Sellers hot points @ 109.00 – 111.00
Buyers hot points @ 104.60 – 106.80
Stops @ below & above the line.
Price has seen strong buying pressure from the 104.60 key long term support level and a confirm break and close above the 106.80 has put bulls in control of the USDYEN market. We can see a long term range in this pair with prices respecting the key horizontal levels well. We now will drill down to the weekly chart to see if we can find some confluence supporting our bullish bias in this asset.
Price has seen some selling pressure just under the 109.00 overhead near-term resistance level, however, we will not be considering the sell setup formed from the weekly near-term resistance as it is counter trend and does not go well with the recent bullish momentum we have seen in this market. We ideally would like to join the buyers on a breakout above or after the deeper rotation back to the 104.60 – 106.80 key support levels.
Now, in order for us to find the entry points, we will be drilling down to the daily chart & will see if the daily chart’s price dynamics go in-line with our short-term bullish bias for this pair
So let’s have a look at the daily chart and see if we can find some confluence here backing our Short-term Bullish idea on this Pair:
USDJPY DAILY.
Drilling down to the daily chart has indeed given us more clarity into recent price momentum and has clued up that current price action is indeed supporting our Short-term Bullish bias on this pair. A clear short-term uptrend is in place with price seeing some selling pressure from the 109.00 near-term resistance level. We do have counter trend Setup (Pin bar) available on the daily which actually goes in-line with the weekly price dynamics & can only be taken on the confirm break and close under the daily trend-line and at/after the pullback to the value. Stop above the line is a must.
Ideally we would want to join the trend by entering on a breakout of 109.00 or after a deeper rotation back to the 106.80 support level but only after a price action Setup.
Sellers hot points @ 109.00 – 111.00
Buyers hot points @ 104.60 – 106.80
Stops @ below & above the line.