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a potential bull cypher is setting up on usdjpy. look for reversal signals within the entry zone.
Last Friday’s confirmation of a bearish outside day has set up in motion what should be the continuation of an offered market. The daily cycle remains up but the last leg failed to neither reach the 100% proj target nor retest the previous high. That has set out a counter-cyclical move with potential credence to compromise the constructive outlook.
As consolation ...
USDJPY is approaching its resistance at 113.08 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal pullback resistance) where it could potentially reverse down to its support at 112.62(61.8% Fibonacci retracement, horizontal pullback support). Stochastic (55, 5, 3) is approaching its resistance at 97% where a corresponding reversal could occur.
This is USDJPY 1hr chart and as we can see there are 2 possible demand zones ( if you believe at least for bounce towards 113,00/15 ):
First one around 112,15/00, second oned ( wider ) 111,80/40 Good Luck
JPY remains bid as a safer alternative, drags the pair lower.
Break below 55-EMA has raised scope for weakness till 110-EMA at 111.92 ahead of major trendline support at 111.70.
Technical studies on intraday charts are bearish. 5-DMA is showing a bearish crossover on 20-DMA.
Support levels - 112.20 (23.6% Fib), 111.93 (110-EMA), 111.70 (trendline ...
The Bearish has been strong since the past week and there is still potential to reach the supply area and then reverse up.
During Monday’s trading session, the currency exchange rate depreciated 28 pips or 0.25% to end the trading session at the 112.43 mark. On Tuesday morning, the US Dollar was piercing the bottom boundary of the dominant ascending pattern to trade at the 112.41 mark.
In regards to the near-term future, most likely, the US Dollar will depreciate towards the 50.00% ...
Buy Limit @ 112.083
TP1 @ 112.694
TP2 @ 113.121
SL @ 111.606
USDJPY is looking for buying opportunities. Purchasing mood is on the market.
- USD/JPY has been tracking an ascending trend-line acting as strong support
- The pair has now broken the trend-line as well as an old resistance level turned support
- Price broke the trend-line previously however this proved to be a false-break
- THEREFORE we need to wait for the second daily candle ( closing tonight) to close below this trend-line
+ a ...
This looks like a bearish bias, which will maybe push the market down for some time.
Risk compared to reward is also fairly low.
This is just an idea! Good luck!!
Great opportunity to buy.
Meets my criteria trade active.
I've outlined a 4 hour major resistance.
Shall see how things play out.