USDJPY: A Bullish reversal idea
Updated
Bearish Indications
• As per Dow’s theory trend is bearish.
• Key resistance is at 129.570
• 4H Time-Frame overall trend is bearish.
• Seasonal Analysis of
USDJPY remain Bearish in January.
• However Seasonal Analysis of
JXY for past 10 years January remain bearish.
Bullish Indications
• 4H Time-Frame Higher Low is formed and confirmation of Bullish trend can be ascertaining once Higher High is established.
• On 15M Time-Frame a bullish trend of Higher Highs and Higher Lows is clearly evident.
• Bullish Engulfing/ Three White Soldiers candles are visible.
• Next Support is at 126.459
• Formation of AB=CD indicates a reversal is possible in area of 128.096 and signs of bullish candles put weight to this theory.
• Seasonal analysis of
DXY for past 10 years indicates it to remain bullish in January.
• No Divergence is Spotted on RSI Oscillator.
Biased: Long
Plan A (Long)
Entry Long: 1.06255 (Fib Lvl 61.8%)
TP: 130.089 (Fib Lvl 38.2%)
TP2 : 131.937 (Fib Lvl 61.8%)
Stop Loss: 127.826 (Point D of ABCD Pattern)
Risk/Reward: 1:1.18
Manage your Risk Accordingly.
If this post was useful to you, do not forget to like and comment.
• As per Dow’s theory trend is bearish.
• Key resistance is at 129.570
• 4H Time-Frame overall trend is bearish.
• Seasonal Analysis of
USDJPY remain Bearish in January.• However Seasonal Analysis of
JXY for past 10 years January remain bearish. Bullish Indications
• 4H Time-Frame Higher Low is formed and confirmation of Bullish trend can be ascertaining once Higher High is established.
• On 15M Time-Frame a bullish trend of Higher Highs and Higher Lows is clearly evident.
• Bullish Engulfing/ Three White Soldiers candles are visible.
• Next Support is at 126.459
• Formation of AB=CD indicates a reversal is possible in area of 128.096 and signs of bullish candles put weight to this theory.
• Seasonal analysis of
DXY for past 10 years indicates it to remain bullish in January. • No Divergence is Spotted on RSI Oscillator.
Biased: Long
Plan A (Long)
Entry Long: 1.06255 (Fib Lvl 61.8%)
TP: 130.089 (Fib Lvl 38.2%)
TP2 : 131.937 (Fib Lvl 61.8%)
Stop Loss: 127.826 (Point D of ABCD Pattern)
Risk/Reward: 1:1.18
Manage your Risk Accordingly.
If this post was useful to you, do not forget to like and comment.
Trade active
Note
Target Price 1 Hit ! Lets move our Stop loss to 128.694Note
Move Stop loss to 129.528Trade closed: stop reached
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