Hi Guys,
the above to show the performance of USD/JPY since the beginning of the year divided in weeks.
H1 chart (compressed at max) shows an uptrend supported by two SMAs. The slowest should provide a balance of the trend and should correspond to 50 line in the RSI. The longest should provide support.
At the moment price is supported by the 450SMA with 150SMA coming down. If 150SMA resists and pushes, 450SMA is crossed and 110.762 is breached the pair may fall towards 110.
On the other hand, if price manage to cross the 150SMA above 111.500 it may attack the 112 and with momentum building it may even think about 113. Be carefull if it forms a bull trap when crossing the 150SMA for the upside though.
Anyway, it's only Tuesday and there is no need to rush any decisions. To watch also for moves on DXY and Gold which may impact USD/JPY.
Thank you for your support and for sharing your ideas.
Don't forget to put a like if you appreciate the post and to follow me if you want to receive notifications on new and updated ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
the above to show the performance of USD/JPY since the beginning of the year divided in weeks.
H1 chart (compressed at max) shows an uptrend supported by two SMAs. The slowest should provide a balance of the trend and should correspond to 50 line in the RSI. The longest should provide support.
At the moment price is supported by the 450SMA with 150SMA coming down. If 150SMA resists and pushes, 450SMA is crossed and 110.762 is breached the pair may fall towards 110.
On the other hand, if price manage to cross the 150SMA above 111.500 it may attack the 112 and with momentum building it may even think about 113. Be carefull if it forms a bull trap when crossing the 150SMA for the upside though.
Anyway, it's only Tuesday and there is no need to rush any decisions. To watch also for moves on DXY and Gold which may impact USD/JPY.
Thank you for your support and for sharing your ideas.
Don't forget to put a like if you appreciate the post and to follow me if you want to receive notifications on new and updated ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
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