USDJPY ON BULLISH MODE BUT WHAT WILL HAPPEN ON MAJOR RESISTANCE?
Updated
USD/JPY surged to as high as 113.70 last week. The break of 113.17 resistance confirms resumption of whole rise from 104.62. Initial bias stays on the upside for 114.73 resistance next. Decisive break there will confirm larger bullish case. On the downside, break of 112.55 support is needed to indicate short term topping. Otherwise, near term outlook will remain bullish in case of retreat.
TECHNICAL OBSERVATIONS
1.We can see from our previous successful analysis,and very profitable of course that after the cup and handle pattern as predicted the price entered the bullish mode until Target 1 where price consolidated,as our EMA strategy showed us, before breaking out to the upside.
2.We can see that the EMA strategy used is showing us that bulls have the complete control on dialy time frame until now.
3.We can also notice the ascending channel which price created so far.
4.There is a bearish divergence on the RSI indicator on all time frames form monthly to hourly.
5.Stochastics are on overbought levels for some time now.
6.Ichimoku clouds are showing the bullish momentum but they also give us good targets for targets in every pullback or signaling a trend direction.
7.Target 2 as an ex-resistance now is a good support level for our first target if we have a relief rally as expected.
POSSIBLE TRADES
SHORT TRADE
ENTRY AT 114.500$ -114.600$
BUY STOP AT 114.780 TO BE PROTECTED FROM SHORTS SQUEEZE AT THOSE LEVELS AND THE BULLS
FIRST TARGET AT 113.00LLEVEL
SECOND TARGET AT 112.150$ LEVEL
THANKS FOR SUPPPORT!
KEEP FOLLOWING FOR MORE PROFITS!
PLEASE LEAVE A COMMENT YOUR OPINION OR EVEN A QUESTION YOU MIGHT HAVE!
HAPPY TRADING WEEK EVERYBODY!!
TECHNICAL OBSERVATIONS
1.We can see from our previous successful analysis,and very profitable of course that after the cup and handle pattern as predicted the price entered the bullish mode until Target 1 where price consolidated,as our EMA strategy showed us, before breaking out to the upside.
2.We can see that the EMA strategy used is showing us that bulls have the complete control on dialy time frame until now.
3.We can also notice the ascending channel which price created so far.
4.There is a bearish divergence on the RSI indicator on all time frames form monthly to hourly.
5.Stochastics are on overbought levels for some time now.
6.Ichimoku clouds are showing the bullish momentum but they also give us good targets for targets in every pullback or signaling a trend direction.
7.Target 2 as an ex-resistance now is a good support level for our first target if we have a relief rally as expected.
POSSIBLE TRADES
SHORT TRADE
ENTRY AT 114.500$ -114.600$
BUY STOP AT 114.780 TO BE PROTECTED FROM SHORTS SQUEEZE AT THOSE LEVELS AND THE BULLS
FIRST TARGET AT 113.00LLEVEL
SECOND TARGET AT 112.150$ LEVEL
THANKS FOR SUPPPORT!
KEEP FOLLOWING FOR MORE PROFITS!
PLEASE LEAVE A COMMENT YOUR OPINION OR EVEN A QUESTION YOU MIGHT HAVE!
HAPPY TRADING WEEK EVERYBODY!!
Trade active
Price is fully respecting our analysis so on...But be careful of NFP today...
Trade closed: target reached
Once again huge profits locked in !!Note
We can aslo see form the graph that uptrend is still intact!Note
By the way this is an amazing sequence as we can see the price is currently respecting the entry point of our previous very profitable trade.
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