UsdJpy- flirting with resistanceAfter the false break of 108.50 support, UsdJpy has reversed aggressively gaining almost 200 pips in just 2 trading days.
The pair is trading in resistance level now @ 109.63.
A daily close above this level would expose 111.00 resistance and 112.00 furthermore.
A dive under 108.40 would negate this scenario
Usdjpybuy
USDJPY: Fading opportunities plentiful USDJPY priced well for fading opportunities from here following a knee jerk reaction to US/Iran de escalations.
- Subdued VIX vol may see a large risk on event scenario as we enter equities earning season.
- Response to US/Iran sanctions may see capital flow into JPY
- +5.00% move on the ticket on a technical break and conviction through the 200DMA.
VIX Analysis Update
#USDJPY, Will the increases hold up?There is a very strong support line at $ 104.6 as you can see in the graph above.
Mini resistance at $ 109.6
The USDJPY is still accompanied by a green Ichimoku cloud which is a bullish sign but the candles are not yet above the cloud which is the ideal in a buy signal.
According to the Stochastic USDJPY in Oversold, this is the ideal time to buy.
RSI is in a very low area which is also a bullish sign.
Goal: 109.5
Stop loss: 107.65
USDJPY long trade @Day chartUSDJPY
The long term downtrend was broken in September 2019..The major upside resistance is 109.500.
And this pair trading in a range and will fall towards 107.450.
From this level we can open long positions and potential take profit will be 110.500.
Stop lose may placed at 106.500 level.
Will USD/JPY bounce up at support level?Here is my analysis on the USD/JPY.
I will look for a buy opportunity when it will bounce up at support level but for the moment I will wait some days to open a position on this pair.
What are your thoughts on this? Do you have any advice for me as a young trader (17 years old) ? Contact me ; )
USDJPY Market Outlook | Daily Forex Market BreakdownUSDJPY
Not much movement still stuck in consolidation for the time being. Hopefully we can see some big moves from UJ soon. I still feel since we are so close to key level 110.00 we are going to push up and retest that area of resistance where we will either reject hard or see a big push to the upside towards 112.00