usdjpy daily long expecting some buying pressure at 122.00 psychophysical level. break retest continuation patten/Resistance became support. Also in confluence with he 0.382 fib level. Long term target still the same at 130.000
Dollaryen
USDJPY Bearish Gartley completes around 119.70-80 on H4 ChartThis is another chart based on harmonics on USDJPY H4.
This is a Gartley which will completes around 119.70.80 area which indicates, this pair may have a fall / reversal from this PRZ (Price Reversal Zone).
As par this chart, we may have a short trade on this pair from 119.70-80 area where we can stop at 121 even. We may let this target open to suit our targeted profit or take periodical TP or even we can take profit around 118.20 (50% fib).
So lets see how we can trade with our views and ideas.
Enjoy the last moment of this weekend.
USDJPY. Is that a breakout? or fallback?USD/JPY started the last week breaking below a descending triangle, but was not able to extend lower. Instead it continued to consolidate, and surged after the NFP report.
In this chat we can see that the market is on the upper Trendline of a triangle which is now in a challenging situation. If this dynamic resistant zone break successfully, it will expose the horizontal trendline resistant which is at 120.80 area as well as the last years high 121.80 (~). At the same chart, we drew 2 EMA which are 55 Days EMA (Red one) and 200 Days EMA (Blue one) which are well below the market. This is also indicating a bullish bias in this currency pair.
On the other hand. If the triangle trendline resistant can't be broken, it will fall to nearest support zone to 118.xx or less depending on how BOJ reacts with these sort of challenge this week.
In Lower TF: In 4 Hour Time frame, I can see a Bearish Gartley is formatting which may complete around 119.70-80 area. (uploading the image in the comment section). We can hope this market may not get further up than this point. (Which is also a medium level resistant area).
Nevertheless, I'm expecting some sort of retracement before the breakout happens to the upper side. We may even see a gap opening (in lower TF).
USDJPY Looking Toppish on Weekly ChartThe USDJPY is presenting a short setup as seen in this weekly chart where the RSI and Stochastics are both rolling over from overbought levels. The MACD blue line is also flattening, with the MACD histogram finally falling for the first time this week in its current rally. Equally importantly is how the USDJPY has just been rejected at the ascending wedge resistance line drawn in this chart. A first key downside target would be the roughly 104-104.5 range as projected by the ascending wedge support line. Feel free to visit stks.co for today's technical analysis on $GC_F, $SI_F, $USDX, $EURUSD, $USDJPY, $GBPUSD, $NG_F, $CT_F, $ZC_F, $ZW_F, $SB_F, $KC_F.
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