Big Picture analysis for USD/JPY
Updated
Weekly chart
- Past 5weeks candlestick bar in range after strong bull 7weeks before.
- Pin Bar formed after retracement.
- Range inside bar with bullish probability.
Daily Chart
- 2x Rejection at daily/weekly Resistance line. 2 events (21/05/2018 & 15/06/2018).
- Clear Sideway Range with 3x bullish pin bar formed.
- Reversal bar formed recently at Daily S1 .
Summary
- Possibility of price pulling back down and push back up to break daily/weekly resistance line.
- Favours towards bull as both weekly and daily shows positive uptrend.
Due to NFP upcoming Friday, it will affect the movement to either break resistance line or continue bear and break daily/weekly S2.
- Past 5weeks candlestick bar in range after strong bull 7weeks before.
- Pin Bar formed after retracement.
- Range inside bar with bullish probability.
Daily Chart
- 2x Rejection at daily/weekly Resistance line. 2 events (21/05/2018 & 15/06/2018).
- Clear Sideway Range with 3x bullish pin bar formed.
- Reversal bar formed recently at Daily S1 .
Summary
- Possibility of price pulling back down and push back up to break daily/weekly resistance line.
- Favours towards bull as both weekly and daily shows positive uptrend.
Due to NFP upcoming Friday, it will affect the movement to either break resistance line or continue bear and break daily/weekly S2.
Note
Looking forward to hit Support Line and if there's any bull bar opportunity to enter trade...
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