Description: As shown above we have FX:USDJPY . Currently this pair is
ranging and consolidating between 110.650 – 114.550, Since the 5th Feburary Price was falling into this zone, from mid
2015. For that reason i expect price to retrace to at least a 38.2 of the previous yearly high.The is
currently a also the is at 50.0 or just below indicating some indecision & possible turning point. The Weekly is showing us
a Harami Pattern, indicating previous and present buying power.
However we have a on the daily, which could see a pause in the momentum and a possible retracement of
0.382-0.50 Which is the setup i will be posting now.I posted a chart earlier this week which had shown the strong support and
buying ground we had at Monthly Support 110.650 for This reason I'm still long on this pair overall.
On the Daily we have a , This seems to be a result of price rallying but failing to close beyond Weekly Resistance.
I am wary price could follow through to retest Weekly Resistance on So the previous long setup is still valid.However i expect it
will not happen straight away and a break of the Black TL could see the retracement happen.
Using these indicator/s: [200 ,20 ,10 EMA] We can see the 200 crossing above price just above Weekly Resistance!,
The 10 acting as a primary support and the 20 as secondary, holding price up magnetically. Also shown
on the price is currently in territory, However we are Overbought which indicates price may be
ready to decline.
Duration: Short Term
Decision: I will short this pair simply saying what goes up must come down! Now if we see a break in structure Highlighted
In BLUE with the EMA's & Black TL breached these will signal a short term sell for me..
We have Weekly Resistance @ 113.300 holding price down. Demonstrating a potential setup. If price breaks black TL I will
post an update.
TP 1: 112.450
TP 2: 111.950
Thank you for viewing my idea. If you decide to take this trade,please leave a comment and a thumbs up. I will be happy to stay in touch to see how the setup is planning out.
Your also welcome to post you analysis below.
Remember to always trade your stratergy... Happy Trading
INDICATORS Moving average
ATTACHED CHART : YES