USDJPY POTENTIAL LONG
WHEN DOING MY ANALYSIS FOR THIS WEEK AND WATCHING WHAT THE GLOBAL CURRENCIES WERE DOING I HAD SPOTTED THAT USDJPY IS AT A SIGNIFICANT LEVEL OF SUPPORT ON THE DAILY AND WEEKLY TIMEFRAME, WITH RECENT SIGNS OF BUYER INTEREST ON THE 4H CHART. IF YOU TAKE A LOOK YOU CAN SEE THAT PRICE HAS BEEN STOPPED AT THIS LEVEL OF STRUCTURE AND SAW A...
The selling pressure on this pair , is still active . With my technical perspective this pair still has more room to the downside . The risk to reward meets my strategy , so i'm opening a sell . Trade duration 4-6weeks .
Any questions let me know .
In our last USDJPY trade you eather closed with 40+ pips in profit or you got stopped out at breakeven.
Now we see it testing our resistance zone again.
We already can see lower highs, which is a bearsih sign.
As you can see on the chart, I've predicted a long on the 4HR time frame.
Once the long is confirmed ( a break through of the Intrady trend line and possibly a break above the 38.2% level) I will enter the trade setting 2 take profits, one at the 50% level and one at the 61.8% level.
U.S. Dollar could increase across the board if the Federal Reserve minutes represent the board members are unwilling easing aggressively.
A little recovery could be associated with the 0.17% increase in the S&P 500 futures. The United States ten-year yield, however still flat near 1.56%.
Consider staying bullish above 106.33 to target 106.800 and 107.450.
Overall, USD/JPY is trending downwards. Recently, USD/JPY has been ranging across within a 55pips range.
At the moment, USD/JPY is moving towards the resistance level of 107.000. Its next support level is at 105.000.
Plan: Waiting for an H4 bearish candle => Sell
Target: 105.4 - 105.8
ATTENTION: All of my plans, you MUST WAIT PATIENTLY for a BULLISH/BEARISH SIGNAL before ENTERING.
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USDJPY expected to rise up to 1st resistance at 106.705 where it could potentially react off and drop down to 1st support at 105.731.
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USDJPY bounced off 105.990 where it could potentially rise further to 106.820.
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USDJPY moving upside after rejecting its support.
Potential breakout or rejection.
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Type : Swing & Elliott wave .