USD/JPY has made a high of 111.66 and took a U-turn. Its impulsive wave breaks at support trendline breakout. It can keep falling from the dynamic resistance trendline ( DRT ). We may see 109.54 - 109.15 - 107.48 soon.
Don't sell after a breakout of DRT or 110.7 level. And do not forget to watch significant releases or events mentioned on the above chart...
According to this chart, USDJPY will take a U-Turn from the resistance line for the following targets: 104.14 - 103.98 - 103.86.
But if it breaks the resistance and stays above it, USDJPY may start moving upward for the following levels: 104.70 - 104.56.
In the previous week USD/JPY gained +1.261 points.
From the last candle there will be an uptrend to the parallel channel and then price will start to fall again.
Here, the hurdle is 106.06 level. If candles consecutively crosses the dynamic resistance(DR) there will be an uptrend and price will increase to the 106.76 or above but if candles continuously...
USDJPY is trading in a falling wedge pattern. As price is trading in a narrow range soon, we will see price breakout from a falling wedge in USDJPY. USDJPY is trading below its support 1, so we might see a downside in USDJPY and the first target for downside will be the support line of the falling wedge and the second target will be support 2. If the price breaks...
USDJPY is trading in the Descending Triangle pattern. If it breaks out from the descending triangle pattern, we might see further downside on USDJPY towards support line 1. One can initiate the trade on USDJPY on the breakout of the Descending Triangle pattern only.
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Note Trade With Proper Risk...
Here is our analysis on USDJPY.
The resistance and support are strong once
as they are from D1.
Currently the pair is consolidating in the channel
so its advisable to wait for the breakout.
Stay with us for the confirm position.
This is only a trading capability - no recommendation !!!
Next week i`ll confirm or change my opinion about this SetUp :)
Buying/Selling or even only watching is always your own responsibility ...