MY bias in this pair is long I am looking for long entries to eventually break the current market structure as the higher timeframe shows a bullish bias in my opinion these are my areas of interest and i am going to wait until the reach those areas before i enter long on this pair
Price has retraced to .764 on the fib which coincides with a significant 4HR support zone(trendline), formed a bottom, maybe its now ready for some bullish moves. The higher timeframe is still bullish.
USD/JPY has been consolidating the whole year after the volatile moves in March. I do see the downtrend momentum coming to an end and a bullish continuation. we will have to see it break above key levels and remain above to see bulls taking over.
USD/JPY May rise 100+ pips
Insight - Price is moving in an upwards trend within a channel and has slightly broken out of the within an ascending channel and testing strong resistance at 110.95 so price is likely to rise.
Intraday - 4H
Buy or Above 119.95
Target TP: 112.19 & 113.13
Sell or Below: 119.95
So last week, this pair broke the upward channel , & now stuck at support area of 109 region , which seems to be holding . So for we start above that , this is what i anticipate . A bullish run to create a new high above the 112.000 region .
I'm opening a buy on this pair based on what i see on my chart , Note we still under a risk off situation with...
The chart shows a possible breakout on USD/JPY, clearly stated by the short volume the market has, and three levels of support being tested 3 times in the past. Just remembering, the more times a key level has been tested in the past, the more accurate it can be.
Price has also reached a Swing Low, which shows more evidence of a future strong and definitive...