Get started
MountOlympusFx

USDJPY LONG: 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 DXY
3
0
trendanalysis harmonicpatterns chartpattern usdjpy forex dxy
snapshot
snapshot
snapshot

USDJPY Weekly:
• Strong level of support at 112.63 daily with price rejecting off for 4 weeks. Last week candle rejected and closed as a bullish candle.
• Retest for the 3rd time off ascending trendline is now in play, also rejection off 112.14 hr support + 0.50 Fibonacci level.
• Also, rejection off weekly Order Block both moving averages bullish.
USDJPY Daily:
• Price couldn’t break out of daily Order Block for the 4th time.
• Price made way down to 112.14 4hr support + Ascending weekly trendline but rejected and closed as a hammer candle.
• I do expect a move to the upside possibly breaking past 112.63 resistance.
USDJPY 4hr:
• Expect price to break 112.63 daily resistance.
• If that level is broken, we will start to look for long positions up to 113.10 hr resistance + 0.71 Fibonacci level + 4hr Breaker Block.
Order cancelled:
price fell never closed above 112.63. Will look for new enteries
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.