Thee is a potential of 150 Pips Bullish move here. The yellow dots are 52 Weeks highest & Lowest price. My Take Profit is just below 0.5 Fib there is a historical and psychological Support / Resistance at 1.08300 which is my entry Last but not least, the Dark Red Line is Monthly trendline that has been crossed and now is testing it and will eventually go back...
Do you believe; 1- Bullish: Cup & Handle formation (in pink) that is performing nicely. the handle is formed and now it supposed to blast off. OR 2- Divergence: as we are making Higher High, MACD is making Lower-Low which is a sign of sudden bearish move. Vote 1 for scenario one and 2 for scenario 2.
Caution !! If you want to trade USD/JPY short, be careful as there is a Divergence for a bullish move. I am not sure how strong this Divergence is. But, nevertheless, you may want to be careful with your trade.
it's always fascinates me to find " Cup & Handle " formation. On Daily time frame, there is an opportunity for 200 pips Bullish move. Since October of last year, this pair has been Bullish. On weekly it seems one Bearish candle after few Bullish as it confirms the daily, obviously !! :) There is a strong resistant at 1.0500. last time that was broken, it came...
After hitting Monthly trend line / Resistant. it is bouncing back to bearish reversal and moving down. Resistant 137.800 which is historical number is holding so far. I would consider this trade an attractive one. Something new I discovered which is Oscillator is showing double top followed by a double bottom ... hahahah See the imbedded Pic in the chart. I...
To my followers friend; I have posted an analysis last week about this pair. it was wrong. Previously, I saw it as a triangle is breaking bearish (Daily Chart). However, it's pennant to continue Bullish move. Good luck !!
It is in correction to continue the Bearish move. Get ready to catch another 180 to 200 Pips Bearish move.