Usdjpylongsetup
Indecision for the USDJPYThis chart looks indecisive, the bias is to the upside. If it is going down, there's going to be a long struggle where price trades sideways for an extended period of time. From an elliot wave perspective, looks like it is due for a wave 5.
BULL CASE
Price to break farther up from here, retest the top of the channel and find a higher high. This could be a rather short wave and we may find rejection as soon as 115.
BEAR CASE
The downside should be rather capped for this pair and if there's a big one coming, it will need to trade sideways for a bit.
UsdJpy- Rise to 118.50?There is no doubt that the overall trend for UsdJpy is strongly bullish and after reaching a recent high above 114, the pair corrected some of the gains.
The spike under 113.30 support was short-lived and quickly reversed giving us a signal that bulls are here and are very strong
Now UsdJpy is trading just under local resistance and a break looks imminent.
Once we have this break we can expect continuation to the upside and 118.50 is my target for this rise
USDJPY bulls back in action this week??Stopped out at break even on USDJPY and will be just watching this pair for atlest the start of the week. If price can reject that support at 113.500 I will be looking for buy trades but if price breaks that area ill be looking for continuation shorts... If price can breakout to the upside through that 114.500 area Ill be looking for continuation longs, but for now I'm just waiting for this consolidation to end and more direction to follow!
UsdJpy- To break flag's resistanceAs I said in my previous analysis regarding UsdJpy, I'm strongly bullish
At this moment the correction from the recent top seems to be over and the pair is ready for a new leg up
The confirmation comes once the flags resistance s break and we can see UsdJpy above 115 soon
A drop under 113 invalidates this scenario
USD JPY MAY GO LONG. (23rd November 2020).Disclaimer:- Educational Analysis says USDJPY may go long According to my technicals.
This is not an entry signal. I have no concern with your profit and loss from this analysis.
Why Long?
Because the 4 hr trendline(backline) is been respected twice and may test third time before going long or 15 min Consolidation of (Red Line) will break and go long. There are buyers waiting at that buy stop order value which may skyrocket this pair.
For Additional Confirmation on this trade, You can wait for consolidation to break and wait for price action pattern may be morning star or two green candles or at least bullish engulfing for the price to go long.
USDJPY Buy setup for coming weekThe pair appears to have broken to the upside from the current corrective structure presenting us an opportunity to go long when the price retreats before the next move up begins, right now any dips look opportunities to go long, if this is the start of a new lag up or part of the larger corrective remains to be seen but we can target the July high's around 111.50 to take profit on any longs. The weekly is giving a lot of weight too for longs.