So as of now, yesterday's analysis was faulty. USD/JPY traded on a weak USD while the Yen was strong. This caused it to continue a bearish trend. Upon examining, further, I'm speculating that this trend shall continue on through tonight and possibly tomorrow. As can be seen in the daily chart. it has tested the top of the chart a few times now. Sightings on April 1-6, 2021, July 1-2, 2021, and again yesterday and today. If it follows the trend, we should see a nice pull back. causing the RSI to deescalate from 65+ down before starting an new uptrend. Currently Currency heatwave has kept the USD dollar weaker than the Yen and the news from tonight seemed to have given the Yen more strength.
Thoughts questions deeper analysis welcome. New trader so looking for insights on different patterns and strategies to improve chances of success.
Thoughts questions deeper analysis welcome. New trader so looking for insights on different patterns and strategies to improve chances of success.
Comment:
I can't say my first analysis was faulty due to it following past trends highlighted in my previous thread. I am expecting to see a continued pull back before continuing in its bullish momentum. As of right now, the Ichimoku Cloud is showing a continued bearish momentum in the 30 minute and one hour charts while the 15 minute is moving back into the cloud and 2+ hours is either in the cloud or above.
Comment:
I believe this shall conclude our Bearish run on USD/JPY as of now. It has turned bullish and looks to be moving fairly strong. Time to see if we can break 112