chongyinliang

USDJPY reversal or breakthrough?

FX:USDJPY   U.S. Dollar / Japanese Yen
Horizontal and trendline support in play. Will we see a break or bounce off the zone from this pair? Let's wait for the weekly candle to close...
Comment: My H4 chart:
Comment: This H4 candle close is crucial...
Comment: Weekly candle close extremely crucial. For now, doesn't look good for the Greenback. More downside on this pair?
Comment: H4 candle at the bottom of channel. Could see a potential bounce here
Comment: Although price has dropped and closed below support on Daily timeframe, the current Daily candle suggest that UJ could have bottomed. This leads to an interesting next week depending on how the Daily & Weekly candle closes as we might see price break above the support-turned-resistance.
Comment: Potential long opportunity on UJ on lower timeframes. This is a counter-trend trade so be careful. Expecting price to test broken support before heading down lower.
Comment: Crucial to see how price reacts to 2017 low as well as broken support, now resistance. I'll be waiting for confirmation of Daily candle. A rejection of this area would signify much more downside potential to come
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