Still relatively new to the markets so bear with me.
I have been watching USDJPY for sometime now and back at the beginning of the year we have a HUGE sell off of the pair, blowing through weekly and monthly zones bringing us to new lows since 2017.
I have analyzed Weekly, Daily, 4 hour, and even 2 hour charts to come to this conclusion. I think we are heading towards and may even surpass the monthly zone that we have been below for a while now.
After breaking out of a nice downtrend, bulls seem to have gained some traction at the end of March. We started a new up trend making higher highs and higher lows consistently since our up trend started.
I have plotted key zones to look out for if the pair decides to pull back and I would keep a close eye on those zones as well. If we get a pull back to reach or break those zones we could be looking to short the pair instead. I have 3 key zones in blue to look for; if one zone breaks we can expect the next zone to be tested so keep watch.
As for now, my bias remains bullish. I want this pair to break monthly.
Have a good one ladies and gentlemen.
I have been watching USDJPY for sometime now and back at the beginning of the year we have a HUGE sell off of the pair, blowing through weekly and monthly zones bringing us to new lows since 2017.
I have analyzed Weekly, Daily, 4 hour, and even 2 hour charts to come to this conclusion. I think we are heading towards and may even surpass the monthly zone that we have been below for a while now.
After breaking out of a nice downtrend, bulls seem to have gained some traction at the end of March. We started a new up trend making higher highs and higher lows consistently since our up trend started.
I have plotted key zones to look out for if the pair decides to pull back and I would keep a close eye on those zones as well. If we get a pull back to reach or break those zones we could be looking to short the pair instead. I have 3 key zones in blue to look for; if one zone breaks we can expect the next zone to be tested so keep watch.
As for now, my bias remains bullish. I want this pair to break monthly.
Have a good one ladies and gentlemen.