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MountOlympusFx

USDJPY Neutral: Weekly, Daily & 4hr breakdown

U.S. Dollar / Japanese Yen (FX:USDJPY)  
MountOlympusFx  
FX:USDJPY   U.S. Dollar / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns USDJPY Forex
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USDJPY Weekly:
• Price has been consolidating for 6 weeks in between 112.63 & 114.00 in an 130pip range.
• Its most likely for price to re-visit 114.00 rejection off 112.63.
• Price rejected and couldn’t close above 113.38 which is a very strong level and could turn from here
• Moving averages still bullish.
USDJPY Daily:
• Price is making lower highs with second tap off descending trendline.
• Price broke through 113.38 4hr, however ran into daily order block but still closed above 113.38.
• Moving averages crossed bullish.
USDJPY 4hr:
• Still going to watch this pair very closely next week. If there’s a 4hr break above & retest of 113.38 then go long to 113.80.
• Price is stuck in an ascending channel. Just rejected off bottom trendline of channel with a bullish hammer.
• Its most likely that price will fall through as this pair double topped inside 4hr Order Block.
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