After hitting the Resistance level of 113,650 a few times without a good breakout we could see a drop to the first Support level of 113,200. If that level won't hold we could see a further drop to around 112,600. Our last target is 112,275.
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The next few hours are very important for USD/JPY. We could either see a retest of the Resistance level of 113.200, or we could see a retest of the Support level 112.650.
I'm currently not trading this pair, I'm waiting for a move to the Support or Resistance level.
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USDJPY broke out quite sharply yesterday at FOMC, expecting the market to continue downside move towards prior lows, short term momentum well lined up, so worth to play shorts today.
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Definately ov erbought at this point. Price has been rejected. Take profit 1 was drawn from the golden ratio of the previous rise and i believe its going to fall back to it. As of the other take profit stops I believe it will be a aprt of a formation of a double top... a big swing. Thoughts?
USDJPY been a nice mover from past few sessions, price action is struggling at the moment, momentum is weakening across short term time frames as well, so i am looking for short setups here, not expecting much pips but still there is scope for 30-40 pips.
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USDJPY HAS RECENTLY TESTED AN AREA WHERE PRICE TESTED MULTIPLE TIMES IN 2017. I HAVE TWO BIAS ON THIS PAIR.
PRICE IS IN AN UPTREND ON THE DAILY TIME FRAME. EITHER PRICE WILL CONTINUE UP TO MY FIBONACCI TARGET AT THE -27%
OR PRICE WILL BREAK THE UPWARD CHANNEL, RETEST IT, AND THEN CONTINUE DOWN TO PREVIOUS SUPPORT.
WATCH MY VIDEO ANALYSIS ON THIS PAIR YOUTUBE:...
USDJPY is headed down, BUT the long-term analysis of the monthly chart is not bearish. The current US President (President Trump) will do everything he can to boost the economy (or the market sentiment) as the upcoming political debates take place. Perceived improvements in the US economy will send the USDJPY up over the next few months, however CURRENTLY there is...
Expecting another leg lower on this market, since price action is struggling at this area, momentum is weakening across bigger time frames as well, looking for shorts if you have your trading strategy.
USDJPY BULLISH SETUP
Hi Guys, the USDJPY is in a corrective structure, this is one possible way it could develop next week. I will watch it as it develops and updates the possible trade setups, short-term, and medium term.
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