USDJPY is opening up at a gap around 102.500s but with daily support at 102.300s and the first target of USDJPY's bearish structure. Now, opening with a 50 pip gap or so, will it retest a weekly level at 103.313 to continue downwards? Or go higher to form a bigger daily lower high? OR change direction (least likely)
GBPCHF will open up at around 1.21700s with that area and 1.22 being the highest consistent resistance. Considering GBPCHF is in a range, are we going to see a reversal, back down to monthly 1.17500s?
Wait for price action to then sell at around the 1.21700 - 1.22 area.
EURJPY has finally broken out to start the new year and may be a supportive area of 124.600 - 124.500.
124.361 is a monthly support
124.564/463 is a weekly support
Because there may a be a large gap, the pair may try to find support, then continue upwards to the area it broke out of: 125.750 - 126.000 area.
Two scenarios:
Scenario 1: It creates a lower high...
EURJPY is stuck but there are possibilities
1. A break and retest to continue downside action.
2. A retest of monthly resistance 127 to move down.
3. Huge bullish push that may not have been anticipated. Very slim chance/scenario.
I think #1 and #2 are most plausible, just looking at it from all angles.
(this is for personal learning purposes, not an expert or...
USDJPY has been acting strange, and may want to push up higher to 105 before it's eventual downfall. This analysis is invalid unless USDJPY breaks 103.500 cleaning on the daily chart.
(I do this for learning purposes, I am not an expert or professional)
