Looks like this consolidation is coming to an end for good. Its safe to say the market is most likely to drop since it hasn't been any higher ever since December last year. Based on fibs it looks like we are in a sweet position to catch 40-50 PIPS.
I will list the factors that might lead to a BIG SELL on UJ soon.
1)Looking left, you can see that price broke out VERY STRONGLY from the symmetric triangular formation(light purple triangle.) This is a BEARISH SET-UP.
2) The Trend Line Resistance(Royal Blue line) has capped the upside since October'18. And this week as well, it has managed to stop the upside....
USDJPY DAILY CHART:
- TESTING 112.00 LEVEL FOR THE PAST 8 DAYS
- BULLISH TREND LINE
- RSI > 50
---> READY TO JUMP
RISK: MEDIUM, IN CASE PRICE BREAKS
DOWN BELOW TREND LINE ---> SELL PLAN
Price is currently above resistance zone price 111.863 and underneath trend-line. We expecting price to head towards trend-line to retest same resistance zone When price reaches expect continuation sell Long-term daily timeframe.
Khalid Hamid here from Malaysia. Join Traders Fair Malaysia this 27th of April 2019 in Intercontinental Hotel Kuala Lumpur okay. I will be there to share my strategies!
Watch the video to see what my thoughts are for USDJPY. Let's see how it goes. ;-)
Have a great week ahead guys. Happy trading and TAYOR.
USDJPY 112.20 Area is Strong Resistance, not break this level then Sell USDJPY 112.20 used Sl 112.50 Take profit 110.95 and 110.00 Area.
Other side of Breakout 112.20 area Buy USDJPY Target 114.00 and 114.80 Area .