USDJPY Multiple-Timeframe Analysis
Here is my Multiple TimeFrame Analysis of USDJPY. If you think otherwise feel free to comment/post your anaylsis. Please Comment, Like, or Follow.
Monthly/Weekly
-Price has been in an uptrend for 3 consecutive months.
-Price then made a pullback and tested/respected the 38.2 fib level.
-The next month price formed sort of a bullish pin bar, showing that price is still bullish and looking to make another move to the upside.
-The monthly is showing bullish.(But from the looks of things it appears that price may be slowing down, showing slight bearish pressure, I can see price potentially forming a double top on the monthly preparing to drop)
Weekly
Daily
-After the last creation of the higher low (blue eclipse), price made an impulse and formed a high (red eclipse).
-Then price retraced and respected the 61.8 fib level, and formed a double bottom pattern.
-This shows that price is still bullish. Price respected the fib level and ultimate created a higher low
- I am expecting price to make another move to the upside.
4hour
1.) Price ended the day with an indecision candle followed by an inverse hammer. This is a sign some bearish pressure, possibly hinting at a retracement.
2.)After the bearish move, price respected the trend line and formed a double bottom as well as a higher low. The forming of a double bottom after a downtrend serves as a candlestick reversal pattern. This is showing that price is now ready to make it's next impulse.
3.) There also exist a double bottom within a double bottom. Price formed the double bottom then made a bullish impulse.
4.) The way price ended the day, I am expecting a retracement to the green zone. A retracement somewhere within the 50.0-61.8 fib level.
5.) After the retracement to the green zone, I am expecting price to possibly make it's final bullish impulse. If you look to left you will notice the previous high formed a double top and broke the neckline. I am expecting price to make an impulse here and test/meet resistance at this area.
Monthly/Weekly
-Price has been in an uptrend for 3 consecutive months.
-Price then made a pullback and tested/respected the 38.2 fib level.
-The next month price formed sort of a bullish pin bar, showing that price is still bullish and looking to make another move to the upside.
-The monthly is showing bullish.(But from the looks of things it appears that price may be slowing down, showing slight bearish pressure, I can see price potentially forming a double top on the monthly preparing to drop)
Weekly
Daily
-After the last creation of the higher low (blue eclipse), price made an impulse and formed a high (red eclipse).
-Then price retraced and respected the 61.8 fib level, and formed a double bottom pattern.
-This shows that price is still bullish. Price respected the fib level and ultimate created a higher low
- I am expecting price to make another move to the upside.
4hour
1.) Price ended the day with an indecision candle followed by an inverse hammer. This is a sign some bearish pressure, possibly hinting at a retracement.
2.)After the bearish move, price respected the trend line and formed a double bottom as well as a higher low. The forming of a double bottom after a downtrend serves as a candlestick reversal pattern. This is showing that price is now ready to make it's next impulse.
3.) There also exist a double bottom within a double bottom. Price formed the double bottom then made a bullish impulse.
4.) The way price ended the day, I am expecting a retracement to the green zone. A retracement somewhere within the 50.0-61.8 fib level.
5.) After the retracement to the green zone, I am expecting price to possibly make it's final bullish impulse. If you look to left you will notice the previous high formed a double top and broke the neckline. I am expecting price to make an impulse here and test/meet resistance at this area.
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