Usd/Jpy
Currently the Olympics are bringing about lockdowns and issues within Japan’s borders, to say the least. My intention is not to ramble about news but to take a technical look at the chart. (IMO, A weakening yen against the dollar is inevitable).
To support this claim, clearly we can see on the 1hr, 4hr, and daily charts a nice head and shoulders.
We are also experiencing a lot of respected levels in price action zones. Market structure is reliable, like a self fulfilling prophecy. Many head and shoulders are seen throughout the currents area, which appears to be an ABCD formation, after the impulse and counter trend Elliott wave. We see a lot of bullish movement currently, with a support line from previous weeks being respected. The rsi on the daily and 4hr show it reaching the 50 zone, but with some space to move upwards.
I will wait for the next shoulder to form, price action and candlestick confirmations are key.
To support this claim, clearly we can see on the 1hr, 4hr, and daily charts a nice head and shoulders.
We are also experiencing a lot of respected levels in price action zones. Market structure is reliable, like a self fulfilling prophecy. Many head and shoulders are seen throughout the currents area, which appears to be an ABCD formation, after the impulse and counter trend Elliott wave. We see a lot of bullish movement currently, with a support line from previous weeks being respected. The rsi on the daily and 4hr show it reaching the 50 zone, but with some space to move upwards.
I will wait for the next shoulder to form, price action and candlestick confirmations are key.
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