USDJPY weekly outlookUSDJPY post flash crash rally fizzled out after coming into a strong resistance zone. The 61.8% retrace (October 2018 high -> 7th Jan low (ignoring flash crash wick)) & 200 Week moving average was a strong horizontal resistance level. Also the slope taken off the 2016-2018 lows and shifted up has been a strong pivot area.
Ultimately, udjpy is trading within 2 greater channels. The first slope channel (black dashed line) & the horizontol (red dashed $114->$108)
Daily
2 Very strong pitchfork formations have been dictating price. After re-entering the longer-term formation, Friday's low rebounded perfectly off the lower slope.
2 hour
Dollar-yen
USDJPY LONGI was hoping to go short to the trendline on this pair yesterday but the setup I wanted didn't happen. However, I'm now looking to go long on this pair upon confirmation, when it reaches my buy zone. I will be very careful with this trade as NFP is tomorrow, so any change in the structure I'm looking for will mean I will no longer be looking for a long.
Trade safe and good luck!
USDJPY sellers in control below 111.60The US dollar is under slight downside pressure against the Japanese yen on Thursday, with sellers testing towards the pivotal 111.60 level. If USDJPY sellers hold price below the 111.60 level, further intraday losses towards the 111.10 level are expected. Traders should note that the recent move lower has invalidated the bullish inverted head and shoulders pattern on the one-hour time frame.
The USDJPY pair is only intraday bullish while trading above the 111.60 level, key technical resistance is found at the 112.00 and 112.20 levels.
If the USDJPY pair trades below the 111.60 level, sellers are expected to test towards the 111.10 and 110.70 support levels.
USDJPY strongly bullishThe US dollar has broken sharply higher against the Japanese yen currency after the greenback received a strong bid following better than expected US economic data. The USDJPY pair is trading above its 200-day moving average and holds a strong bullish bias while above the 111.12 level. The next bullish target above the 111.40 level is found at the 112.20 resistance level.
The USDJPY pair is bullish while trading above the 111.12 level, key technical resistance is found at the 112.20 and 112.80 levels.
If the USDJPY pair trades below the 111.12 level, sellers may test towards the 110.80 and 110.40 support levels.
USDJPY bulls back in controlThe US dollar has moved to a new monthly trading high against the Japanese yen currency, with the pair finally breaking from its ten-day trading range. The USDJPY pair has a strong intraday bullish bias while trading above the 111.12 resistance level, with buyers now likely to target the 111.40 level. Traders are likely to remain slightly cautious, as Federal Reserve Chair Powell is set to testify on Capitol Hill later today.
The USDJPY pair is strongly bullish while trading above the 111.12 level, key technical resistance is found at the 111.40 and 112.15 levels.
If the USDJPY pair trades below the 110.80 level, sellers may test towards the 110.60 and 110.40 support levels.
USDJPY remains range boundThe US dollar continues to trade in a narrow range against the Japanese yen currency, with the retaining a slight bullish bias while trading above the 110.40 level. A break above the 110.80 level may trigger technical buying in the USDJPY pair towards the 111.40 level. A sustained move below the 110.24 support level should provoke technical selling towards key the 109.80 level.
The USDJPY pair is only bullish while trading above the 110.80 level, key technical resistance is found at the 111.10 and 111.40 levels.
If the USDJPY pair trades below the 110.24 level, sellers may test towards the 110.00 and 109.80 support levels.
USDJPY dominated by trade talksThe US dollar is attempting to recover higher against the Japanese yen currency on Monday after the pair found strong support from the 110.24 level. The movement of the USDJPY pair is increasingly being driven by news from Sino-US trade talks, with markets still optimistic a deal can be reached. Traders should carefully watch for a break of the 110.24 to 110.80 price range, as it will likely signal the next short-term directional move.
The USDJPY pair is only bullish while trading above the 110.40 level, key technical resistance is found at the 110.80 and 111.10 levels.
If the USDJPY pair moves below the 110.40 level, sellers may test towards the 110.24 and 109.80 support levels.
USDJPY LONG UPDATEI've been long on this pair since last Tuesday (check my previous post on Feb 6) and have been adding long positions since. I've taken profit on half
these positions but have now added another long position as I believe this is a perfect pullback. As you can see it is near a demand zone and also sitting on top of the 4 hour trend line.
Trade safe and good luck!
USDJPY testing key pivotThe US dollar has reversed sharply lower against the Japanese yen currency, after recent news reports from Sino-US trade talks revealed that both sides are still far from reaching a deal. The USDJPY pair is now testing the pivotal 110.40 level with bearish momentum likely to increase below this area. Any strong bounce from this area will likely target the 111.10 level, while sellers will aim to move price below the 110.00 support level.
The USDJPY pair is only bullish while trading above the 110.40 level, key technical resistance is found at the 110.80 and 111.10 levels.
If the USDJPY pair moves below the 110.40 level, sellers may test towards the 110.00 and 109.80 support levels.
Counting Sideways Cycles On Dollar / YenHello Traders
Its that time of the week again.
With another purely technical based setup on USD/JPY
My approach is a trend following one.
Here going with the direction of the initial impulse
and looking to position long in the upcoming days.
Please note that any deviation from this setup will result in the trade being cancelled/invalidated.
Trade safe, Trade well
USDJPY 111.40 level now keyThe US dollar is now testing the key 111.00 level against the Japanese yen currency after buyers easily broke through the 110.80 resistance area. Strong technical resistance is seen around the 111.10 level, although the 111.40 level remains the target for bulls. The USDJPY pair risks losing recent bullish momentum if sellers force price back under the 110.40 support level.
The USDJPY pair is strongly bullish while trading above the 110.80 level, key technical resistance is found at the 111.10 and 111.40 levels.
If the USDJPY pair moves below the 110.80 level, sellers may test towards the 110.40 and 110.00 support levels.
USDJPY DOUBLE TOP After breaking the bullish trend, I called a short on this pair, however, the currency pair shot up stopping me out. Currently, the pair has formed a double top and it looks like a bearish trend is being made due the formation of the most recent trendline. If the currency pair moves down, I will target 150 pips where we have our 61.8 fib level,. Will be risking 50 pips.
USD/JPY daily overviewDuring the previous trading session, the currency exchange rate passed through the support level of the 200-hour simple moving average to end the trading day at 109.25. On Monday morning, the rate was located below the 200-hour SMA at the 109.33 mark.
In regards to the near-term future, most likely, the rate will trade sideways to stay near the weekly S1 at 109.14. Besides, the 200-hour simple moving average will retrace the currency exchange rate during the trading session.
However, the support level of the weekly S1 at 109.14 could push the rate to break the resistance of the 200-hour SMA to trade near the weekly PP at the 109.57 mark.
USDJPY below neckline supportThe US dollar is under selling pressure against the Japanese yen currency on Thursday after sellers moved price below the important 109.14 level. The USDJPY pair has now broken below the neckline of a bearish head and shoulders pattern with a one-hundred point downside projection. The 108.10 support level is a key technical area to watch if the decline in the pair continues.
The USDJPY pair is bearish while trading below the 109.14 level, key technical support is found at the 108.45 and 107.80 levels.
If the USDJPY pair moves above the 109.14 level, buyers may test towards the 109.45 and 110.00 resistance levels.
USDJPY testing neckline supportThe US dollar continues to trade lower against Japanese yen currency on Tuesday, with the pair falling towards the key 109.00 support level. Price is now trading close to the neckline of a bearish head and shoulders pattern with a one-hundred point downside projection. The MACD histogram continues to track lower and has just moved into negative territory on the four-hour time frame.
The USDJPY pair is bearish while trading below the 109.14 level, key technical support is found at the 108.58 and 107.80 levels.
If the USDJPY pair moves above the 109.45 level, buyers may test towards the 109.60 and 110.00 levels.
USDJPY SHORTAs you can see this pair entered one of my old buy zones which turned into a sell zone. I have already secured around 500 pips on this pair and have now added a few new positions. The blue line is a trend line I have drawn up from the daily charts which we will keep in mind for potential future longs/shorts.
Trade safe and good luck!
USDJPY could test 110.00 levelThe US dollar has broken higher against the Japanese yen, amidst fresh hopes that the United States and China may strike a trade deal. The recent bullish move above the USDJPY pairs 100-period moving average on the four-hour time frame is also encouraging technical buying. Overall, a move towards the 110.00 level should be expected while price trade above the 109.19 to 109.08 support region.
The USDJPY pair is strongly bullish while trading above the 109.08 level, key technical resistance is found at the 109.60 and 110.00 levels.
If the USDJPY pair trades below the 109.08 level, sellers may test towards the 108.80 and 108.40 levels.