Recently the Dollar/Yen had activity near the 107.200 zone.
Breaking the last bearish structure with this pattern, its time to wait for a pullback to the nearest support (blue rectangle and continue bullish to 110.600.
At the 4 hour chart we're at a 50% pullback which also respects trend line area, following the trend we could look at a fall to 0.64600 as a daily support.
As seen the past weeks, the pair was correcting in a triangle to then breakout and now located at 1.34762, it could pullback close to the breakout point bouncing at the past support and bullish trend line (orange) and 61% fibonacci level of the actual support at 1.34000, to continue the rise to 1.36000.
USDJPY
~ In the past (2015) it made a huge rocketship until 124.00 yens, followed by a big melt straight to 100.00 yens. ~ As we can see, the trend is leading a blueprint of a clear simetrical triangle. ~ In these cases, it is more safe to enter positions at the top and bottom trend lines that surround the triangle.
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Zooming to the 4H chart we can notice a...
In the 4 hour chart we can see it has reached to the recent high located at 1.06250, now it should go back to complete the pullback forming the first set of higher highs/ higher lows.
The center line where the arrow points is a good level of past resistance where this time it could covert to a support. Also a 50% Fibonacci level, placed at 1.04500. It is clear...
The chart speaks for itself, the entire path written by Dollar yen's journey after the rise of 2015 has been building a huge simetrical triangle.
On the last small bullish trend it has been broken near 111.500. Possibly leading the sellers to take aciton and follow the price until the next triangle bounce close to 108.700. When the huge pattern accumulates to the...
In the Weekly/Daily chart there is a clear simetrical triangle leading the price to the center. At this point I zoomed in to the 1 hour chart where the short term bullish trend has been reversed by a possible and very noticeable "head and shoulders" pattern. First sell should be finsished at 111.000, and a good swing to 109.800 support. Nice and clean, at the...
At the Daily chart, we are at a second support confirming a double floor.
Zoomed in we can see in the Hourly chart, a clear head and shoulder pattern. With a descending triangle at the second shoulder, a good entry could be when it touches the small support.
Possible buy straight to 1.13300.
On the past analysis, I said "Gold's Rise" as a short term buying forming a descending triangle at short term.. If we look at the weekly, we can see this accumulating channel A.K.A Simetrical triangle on the big picture.
Reaching the triangle roof, its time for sellers to press the button. Reaching prices between 1225.00/ 1210.00
Very similar to what's happening to NZDJPY on the previous analysis uploaded, the NZD's have been going through a correction, channel, triangle etc. All forming part of a Weekly,or Daily chart pullback, with this info, it is clear we're looking for sells on the Kiwi now.....
Main trend line has been broken, breaks out and retests twice. Forming a small channel, a good entry a the 3rd touch of the channel should be near at 75.550.
Measuring this new lower low with a 61% fib level, with its extension, it could fall to the next floor located at 74.200.
Recently Gold has been seen as a bearish trend when actually seems like a correction by its previous bullish action, counting 2 support encounters after that bullish trend, it forms a descending triangle. Following the same touch patterns it is very probable that it could reach 1309.00. Finished the patetrn, it could even breakout to 1345.00.
Watching the daily chart the last high was at 1.36000. Leaving this downtrend as a supposed pullback, now being on a small corrrection,I it seems like it could continue its way to 1.36000 again beacuse of the inverted head and shoulders on 1 hour frame, and currently on a 50% fib level at a little scale, too attempt this sniper swing.
As seen in the past weeks, the pair has been correcting and accumulating to finally bounce the trend again and rocketship. Forming a double bottom and breaking the short term trend, hopefully reaching 1.0100.
Ok, through the past 2 years we've seen a trail of the pair bouncing back the top resistance, 4 times to be precise. Leaving behind a big range, now it has broken out and retesting the previous support like it would fall. The red line represents the last higher high from the main bullish trend.
If it is broken, we can confirm the new bearish trend, falling...
As seen, it has reached a 3rd touch on Daily trend line (white on top).
Escaping the bullish trend for a retest to prove bearish action, taking this retest with a candlestick pattern... price could fall to 0.7990.
Recently Gold has confirmed bearish trend by its new lower lows formation. At this stage it is in a second impulse, hopefully dropping to 1261.00 as an important floor, and help of the 61% fibonacci level, with extension to this support.
Once again the pair has bounced the main bearish trend, breaking out the short term bullish and retesting its trend line. Currently on a 61% Fibonacci level and 200 EMA rejection. Signs of a bearish answer.
