Expecting Bullish Move USDJPY
I'm expecting a the US dollar to gain some strength this week, aganist the Japenese Yen. Looking for possible minor move to the upside followed by a retest, and then finally a huge move.
Reasons for USD strength:
1.) The yen was very strong last week, and if you look at other currency pairs that traded against the yen, you would notice huge directional moves.
2.) If you look at the monthly timeframe you would notice that price has found support at this current level several times.
3.) the previous month showed a doji candle, hinting that maybe there are some exhaustion or indecision in the market and price may be ready to change directions.
4.) On the weekly timeframe, there is a double bottom candlestick formation.
5.) (refer to the daily chart) Price has currently found support at this current level, which previously acted as resistance.
6.) On the 4hr. price has been making Higher Lows and Lower highs, hinting that a breakout may be in the works.
I'm not saying that this will definitely happen, this is my personal opinion. If you disagree or comment what you think.
Like, Comment or Follow.
Reasons for USD strength:
1.) The yen was very strong last week, and if you look at other currency pairs that traded against the yen, you would notice huge directional moves.
2.) If you look at the monthly timeframe you would notice that price has found support at this current level several times.
3.) the previous month showed a doji candle, hinting that maybe there are some exhaustion or indecision in the market and price may be ready to change directions.
4.) On the weekly timeframe, there is a double bottom candlestick formation.
5.) (refer to the daily chart) Price has currently found support at this current level, which previously acted as resistance.
6.) On the 4hr. price has been making Higher Lows and Lower highs, hinting that a breakout may be in the works.
I'm not saying that this will definitely happen, this is my personal opinion. If you disagree or comment what you think.
Like, Comment or Follow.
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