April high now serving as support coupled with 38.2 fibo and 100dma
Pullback to 61.8 fibo and support at cloud base.
Retracement to 61.8 fib and false break of cloud top
USDJPY looks like it is carving out a temp bottom. Confirmation also coming from strong correlation with EURGBP and GBPCHF.
Looking for a temp bounce to trend line break / 50D SMA after large move yesterday with tight stop
Bounce of cloud base and 50% fibo with 200 day moving average as support underneath.
Divergence on smaller timeframe
Bearish price action and resistance at kijun sen. Momentum slowing and divergence on 4h timeframe.
TP 1: 2.82
Looking for a counter-trend move after momentum is waning to the downside. There is divergence across all oscillators and PA is suggesting a temp bottom has been found.
Long at market with stop below 1.40. First TP of 1.4250. Confirmation of bullish price action at support level, coupled with divergence on weekly time frame.
Key resistance at 1.1450. Stop above 1.1450 looking for a move towards 1.1150 as market losing momentum to move higher.
Resistance at 200DMA and bearish price action coupled with divergence suggesting we may move lower. Confirmed with resistance on wekkly timeframe. SL at 86.75 with first TP at 85.05
Bullish price action at support level with divergence and confirmation from weekly timeframe. Stop beneath 1.2860 with first TP target at 1.3290.