USDJPY Trade based on H1 timeframe. 17/07/2019Daily chart shows the price is right in the middle of bollinger bands, and 20MA is horizontal, meaning the price could go either direction. Ichimoku Cloud showing bearish but Chiko span is interacting with candle sticks (=range).
H1 shows the current price is in a middle of a trundles range between 107.799 and 108.969, but it’s going on bullish momentum as it goes along with BB StdDiv 2. The price just broke Ichimoku Cloud, and Chiko span broke candle sticks, meaning it could be a start of bullish trend in this H1 timeframe. However, there is a support line on 108.354 so the price could be resisted here and go downwards. If it breaks upwards, the initial target will be at 108.969.
M5 shows the price broke the resistance of 108.099 and going on bullish trend as it goes along with the bollinger band’s StdDiv 2. The price is above Ichimoku and Chiko span is above candles, meaning it’s on a bullish trend.
Scenarios:
No trading chance for swing trade as the price is right in a middle of a range in Daily chart.
In short term trade based on H1 timeframe, if the price is resisted on 108.354, it’s a sell and the target is at 107.799. If the price beaks upwards, then the initial target is 108.969.
