After waiting all week, the US payrolls delivered numbers good enough to rally the Greenback back to its recent high but not strong enough to cushion the negative COVID inspired dent on the US economy. After moving over 200pips in our direction since my last publication on this pair (see link below for reference purposes), price did a correction to form what looks...
This analysis for USDJPY on time frame 4 Hours. USDJPY update new entry point!
We can ENTRY BUY when the market open or wait new candlestick retracemment than we can entry "SELL" at entry point.
GREEN - TAKE PROFIT
YELLOW - ENTRY
RED - STOP LOSS
If your entry already & running in profit to TP1 move your SL upper 5 Pips to entry point, if already running in...
Taking a closer 1H look at the USD/JPY we can observe the widening Volatility and the Three Black Crows by the last 3 candles , so as the price has recently been in touch with the Resistance zone we can expect the pullback so the price will continue to fall.
UJ is testing the bottom of a massive symmetrical triangle.
We already broke the triangle in March but quickly recovered, this time we should see a break for good.
This will be invalidated if the upper bound of the triangle is broken. There is still a chance we can bounce back into the triangle before the fall, but the path of least resistance is short.
Both indicators and technical analysis are telling me that UJ will continue to fall. The economy of United States is also not doing so great in current times and the corona virus is taking a toll.
As you can see, very nice rejection in the parallel channel along with a strong downtrend.
My personally coded indicator is also showing me a possible sell as it...
LEARNING ELLIOTT WAVES IS LITTLE BIT TOUGH (FOR ME IN BEGINNING) BUT I TOOK IT AS A CHALLENGE AND THAT IS NOT IMPOSSIBLE ALSO...
First have an look for the positional trend i shared here previous....if you are a follower of me...and sometimes i will share the counter trend trade also in 15 mins and 1hr...but...
As long as usd/jpy below 106.70, sell will persist. next target 102.00. if we see usd/jpy break above 106.700, we may go long till 108.15 and finally upside target is 110.00. beyond the present fundamental condition, it is hard to test usd/jpy 110.00. US-CHINA, Covid-19, and like such issues safe-haven JPY is still demandable.
USD/JPY still closed the week below...
On the higher daily TF, as you can see there is descending triangle formed. Recently, we just confirmed the downline of the pattern as a respectable support.
I believe we are accumulating now to retest the falling trendline (triangle top).
After some consolidation, price finally make a bullish impulse move. Will be looking to go LONG on pull back.
Any opinions, analyses discussed in this presentation are just my personal opinion and do not constitute investment advice.
I do not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise...