USD/JPY Daily
Updated
30 of Sept: Last daily bar is a counterattack bullish candle line. I believe it neurtralised a bit the downtrend, though downward momentum still exists as seen through EMA8 cross below EMA50. The critical region is the Support Line at the region 96.30 +- 0.20
Given the price remains above that level its likely to be bullish in the medium term.
Awaiting for a clearer long scenario.
1st Oct Daily bar bias: neutral - its probably best looking into
smaller timeframes to decide the direction
Given the price remains above that level its likely to be bullish in the medium term.
Awaiting for a clearer long scenario.
1st Oct Daily bar bias: neutral - its probably best looking into
smaller timeframes to decide the direction
Note
Coming back to this analysis - It is clear now how bulls gained control after the break of the downward trend line. The price tested the line at 96.93 in Oct 2013, after which the bulls took over and took the price to 105 in Dec13, to 121 in Dec14, peaking at 125 in June15, followed by a sell-off back to 100 levels. Since 2017 the market has been in a volatile trading range between 104 and 114.
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