The primary trend of USD/JPY is bearish on charts and price is trading below the trend line in its 4 hourly chart. In 4 hourly chart the price is below 200 day SMA and 50 day SMA indicating downtrend of the pair. It is having an important level of 116.80. If it breaks its trend-line (black line) on the downside and sustains below it then we can expect it to show...
Hi all, please see this chart first, and press the "load new bars"/play button and see how it played out: I recently took notice of such formations and have come to appreciate its usefulness. RATIONALE: When a pair trends in a certain direction, and such a formation forms, it usually indicates indecisiveness/loss in momentum of the prevailing trend, because...
Target is included.
We are in corrective structure after a 5 wave move up on USDJPY. We seems to be in the latter stages of an end to the correction. Overall a breakout to the upside is expected. Remember this is a Daily chart, so it may be sometime before it pans out. Price zone to note is 119.50 - 119.00. Price action in thhis zone would give clues about what possible correction...
It's a simple trade - keep a lookout for this formation! 9th December's giant candle, and the inside daily candle for 10th December. A close below the HIGH/LOW of 9th December's red candle can potentially spark a breakout in that direction next week! In this case a close below seems highly likely.. Good luck.
FLAG PATTERN BREAKOUT. STOCHASTIC ALREADY OVERBOUGHT INDICATING A LITLLE RETRACEMENT IS POSSIBLE, WAIT FOR THE PRICE RETRACES TO H. SUPPORT. GO LONG. AND THEN TAKE PROFIT AT FLAG TARGET THAT COMES IN CONJUNGTION WITH THE 1,27 EXTENSION AND D POINT OF THE ABCD PATTERN. (WHICH MEANS THAT COULD ALSO BE POSSIBLE SHORT OPPORTUNITY, IF YOU'RE AN AGRESSIVE COUNTER TREND TRADER)
Turn to weekly chart and look at the structure for previous resistance(horizontal line) CORRECTION first take profit should be around 122.00 which is not correct in the chart
AS YOU CAN SEE I HAVE QUIET A FEW CONFLUENCES LINED UP. IN WHICH THE OVERALL BIAS AND VISION IS QUIET BEAUTIFUL IF I DO SAY SO MYSELF SEEN AS ITS THE FIRST TIME IVE EVER ANALYSED THE PAIR. MOVING FORWARD 2 TREND LINES HAVE BEEN BROKING AND KEY LEVELS OF SUPPORT HAVE BEEN DRAWN ON WHICH ARE ALSO IN LINE WITH FIB EXT. OTHER CONFLUENCES AND DETAILS ON THE CHART ITSELF.
-THIS PAIR IS IN A SMOOTH UPTREND AS THE ARROW SUGGEST. -AFTER LONG CONSOLIDATION DOLLAR YEN FINALLY UNLEASHED ITS BIG GREEN CANDLE ON FRIDAY. -MOST IMPORTANTLY, A CLOSE ABOVE 118.85 WHICH IS A STRUCTURAL LONG POINT. -IN THE COMING WEEK WE WANT TO BUY EVERY INTRADAY DIP AS LONG AS PRICE REMAIN ABOVE THE STRUCTURE 118.85. -BUY ABOVE 118.85 -OUR FIRST TARGET IS...