It looks like the D leg up may be finished and we could expect a pullback for wave E to start soon. I will be adding in the area for a target.
An alternate count would be that E was completed just above last week and the move up since is wave 1 od V with the same target.
USDJPY October 24 Outlook and weekly forex analysis
As we can see, descending triangle pattern already perform since last October 12 on USD/JPY, as long as this pattern not break, play inside this pattern will be a perfect idea.
In short position, stoploss above pattern resistance, and in long position stoploss below support level
- if the pattern break down,...
USDJPY has broken trendline again, back into a minor uptrend (requiring higher-low confirmation).
Trade Setups:
1. Break green trendline upwards towards R1
2. Break pink trendline lower towards S1
We await confirmation of breakout and then follow that trendline.
As predicted in our previous analysis of USDJPY, the pair is currently retesting the 200 MA.
Here we believe bears will give it another push back down towards the bottom of the current downtrend.
USDJPY has made lower lows since coming out of the original uptrend (purple), and we expect price to respect the current downtrend (green) before breaking further...
USDJPY has just broken down from it's uptrend and now looking to test S1.
We expect price to go further and test the 200MA, before it breaks and we see further downside towards S2, which is the long-term TP.
You can enter a short-term or a long-term play, and use the support levels as confirmations and SL points.
Daily outlook for USD/JPY. After long downtrend the pair turn to sideway trend, with resistence at around 104,2. The next move can be again downtrend with retesting the price 101-100 in long term.
After breaking the 104,2, the uptrend should continue
Over the past week I have noticed a strong resistance in the 104.3-104.5 area. A support in the 102.8 area. Today 2 different breakouts happened with a very good retest. I also did Fibs retracement and it shows that it has been consolidating at the 0.50 but now it is starting to pull away. I do not have any other indication that this will be bearish please comment...
Drew my fibs and I noticed that it hit the 0.886 levels and bounced off. Also those levels are by the resistance line which is in red. This indicates a stronger reason on why it will be shorting.
