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At present the usdjpy is nudging the 100 moving average via weekly chart and hovering over the 20ma via Monthly chart. It's a sandwich. If a bullish dollar pushes the usdjpy above the present price zone and it holds, there isn't much standing in its way to reach 120 -121 price levels.
I am bullish the dollar, ...
Waiting on OPEC for breakout or directional confirmation. Noting Support and Resistance areas that usually culminate into "W".
Here, I am not suggesting short or long, but alternatives.
Will update, if appropriate.
Good Luck This Week.
The Moving Averages Indicate Bullish.
Current price exacts 61.8 fib. Other indications are that a retrace is highly possible.
A retrace historically (but only once, obviously) is to the 50 moving average before returning to trend.
Much depends upon OPEC's decision tomorrow and others, but the chart is bullish ...
AUDUSD Bearish to 75.50 via support, resistance and confluence with 100ma (magenta), triangle and monthly trend.
she'll most likely bounce to continue restricted range within triangle. Breakout to be determined.
I understand algorithmic math. I understand it and can calculate it.
I SUCK AT MATH. YOU HAVE BEEN WARNED. DO YOU OWN CALCS.
That being said, you can rely on Bulkowski's tested probabilities for a Big W Pattern which suggests a 0.42% chance of a breakout. Projected target based upon Bulkowski calculations ...
Sell USDJPY when Stoch is clearning down below 75 and only then. This will confirm most likelyhood that it has cleared support area. (Mt4 provides visually clearer signal on Stochastic.)
I will manage the trade. Take profit can be 102.77 (existing support and also 100 moving average that will act as minor ...
Traders are trading more than one channel and meeting support and resistance on both D1 and H4. Of significance is the cooperation of the 50ma WK and the 200ma D1 coming together as tough support.
The WK trend is up. This means that price should move above its 50ma. However, players on the H4 time frame are ...
Price Action Anticipatory Trade for this Week:
AUDUSD to continue upward move to inner trendline/support zone.
I will trade short with cnfm signals.
Trade cnfm when price closes below chosen fast daily moving average.
Trade cnfm when stoch. crossover and bearish to touch 80.
Price will meet major resistance ...
Will not know true target until later according to Bulkowski calculations, at least 160 pips below neckline/trendline break.
Stoch. in overbought territory.
I set tentative target at conservative 0.7300
USDCAD is at major support area. If Stochastic crosses up over TWENTY FIVE (Not 20, but 25), then go long. TP minimum 1.3000.
Big chance this currency pair can head down. If Stoch does not cross, consider analysis for a short.
Wait until H4 Candle Closes below 20ma (orange) AND price holds below support at 0.7090
Price could bolt up.
Price could flat-line for a duration.
Entry criteria will reduce risk.
This trade will be on D1, if possible.
Confluence with Weekly Support and Weekly Bear Flag.