USDJPY: New High Set?Hello wonderful friends!
USDJPY has struggled to conquer the recent gains at 144.00g. However, its upside momentum was limited after weak data released yesterday weakened the USD and affected the upcoming outlook of the major currency, as can be seen from the 143.50 setup on the 2-hour chart.
On the technical chart, although the uptrend remains supported and the parallel price channel has been broken, the special thing is that there are signs of a potential top forming at 143.95. My strategy for today is Sell and we should see USDJPY reaching at least 142.00 again, which would be in line with the timing of the EMA test. What do you think about this?
Usjdpy
USDJPY: Opens up many possibilities for price increasesHello dear friends, do you think USDJPY will rise or fall this week?
On our chart today, it is clear that this currency pair is showing a distinct downward corrective wave, with the current price fluctuating around 149.90 and marking a 0.18% decrease for the day.
From a technical standpoint: Despite the current decline, the upward trend still holds dominance as USDPY successfully broke the resistance level at 149.00. If the price retests this broken resistance level and accepts it as a new support level for the current short-term upward momentum, there is a possibility that the bull side will open up multiple buying opportunities if the Fed continues to extend the duration of interest rate cuts in the near future.
USDJPY H4: Bullish outlook seen, further upside above 130.80 On the H4 time frame, prices are showing bullish order flow with higher lows and higher highs seen and a throwback to the support zone at 130.80, which coincides with graphical support zone and 78.6% Fibonacci extension could present an opportunity to play the bounce to the resistance zone at 134.50. Stochastic exited the overbought region and we are seeing a bullish divergence which supports the bullish bias.
USDJPY H8: Bullish outlook seen, limited upside above 135.20On the H8 time frame, prices are testing the demand zone at 135.20 in line with 78.6% Fibonacci retracement where we could see a further upside above this zone, to the next resistance zone at 138.50. The 138.50 resistance zone is a graphical area that was tested multiple times as a support before prices broke below this level and coincides with the Fibonacci confluence levels. Stochastic is testing support at 3.07 as well where we could see a bounce above this level, in line with prices.
USDJPY H4: Bearish outlook seen, further downside below 137.50On the H4 time frame, prices are facing bearish pressure from the resistance zone at 137.50 which lines up with the 78.6% Fibonacci retracement level. We could see a reversal below the 137.50 resistance zone to our support zone at 135.50 which is also the graphical support zone and 38.2% Fibonacci retracement. Stochastics is testing resistance as well supporting the bearish bias.
GBPJPY trade ideasI always make sure I move my stop loss to entry point to cover the risk when I'm look at taking these aggressive moves. We should see further weakness from the yen which will push us higher on usdjpy and gbpjpy, but as always remember we can see a fast sell of at any time so be smart and don't just by any random pull back, make sure the price action is creating a nice opportunity
USDJPY top-down analysisHello traders, this is the full breakdown of this pair. We will take this trade if all the conditions are satisfied as discussed in the analysis. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
USDCHF | SWING - 28. AUGU. 2020Hello Traders Welcome Back.
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Here is the full analysis for this pair, let me know in the comment section below if you have any questions, the entry will be taken only if all rules of the strategies will be satisfied. I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied.
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Possible trend shift in USDJPY – going shortThe Tidal Shift Strategy has just sold USDJPY at 107.789. The system recommends entering this trade at any price between 107.577 and 108.001. The signal was issued because our Speculative Sentiment Index has hit its most extreme positive level for the past 145 trading hours at 2.201, which suggests that the USDJPY could be trending downwards.The 14-period Average True Range on a daily chart is 0.17, so the stop loss has been set at 108.638. This stop loss order is a trailing stop that will move down as the market moves down. There is no profit target for this strategy. We expect to be closed by the stop loss.Tidal Shift is a trend trading strategy that aims to catch shifts in trend using trader sentiment as an indicator. The strategy looks to buy when the Speculative Sentiment Index reaches its lowest value for the past 145 trading hours, and looks to short when it reaches its highest value for the past 145 trading hours.
Signal ID: 71518
Time Issued: Thursday, 16 April 2020 07:00:16 GMT
Status: open
Entry: 107.577 - 108.001
Limit: N/A
Stop Loss: 108.638
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USDJPY approaching resistance, potential bounce! USDJPY is approaching our first resistance at 111.54 (horizontal overlap resistance,50% Fibonacci retracement, 61.8% Fibonacci extension) where a strong bounce to our first resistance at 112.01 (horizontal swing high resistance, 76.4% Fibonacci retracement) might occur.
EUR/USD forecast What a hot week it was for forex traders! Federal Reserve doesn’t expect to raise interest rates this year. As you know all were expecting one hike in 2019. So, the news was surprising and pushed EUR/USD up. But it was only jerk-reaction and washing out of weak sellers. As I mentioned many times – trade through the noise. Always try to focus on the bigger picture and keep calm if you see such reactions on news. ECB doesn’t plan to hike rates too. Besides economy slowdown is more significant in Europe.
Last week price got strongly rejected from the main resistance. Terrible PMI data was one more factor for EUR currency to drop. Besides, the UK received a short unsatisfying extension to Article 50. As you see all fundamentals are still bearish for EUR/USD and there is no reason for changes in money flow. As EU currency is weaker and has more pressure than US dollar.
Technical analysis confirmed our middle term target 1.11200 and I can even see an extension to 1.10500. As fall was sharp we may see a test of 1.12600 – 1.12700 on Monday. But anyway, we have to wait for a pullback to open new sells. So, watch 1.13600 – 1.13700 for targets 1.11500 and 1.11100.
Have a profitable week!
USDJPY approaching resistance, potential drop!USDJPY is approaching our first resistance at 113.33 (horizontal swing high resistance, 100% Fibonacci extension, 6.18% Fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 112.63 (23.6% Fibonacci retracement).
Stochastic (34,5, 3) is also approaching resistance where we might see a corresponding drop in price should it react off this level.
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USDJPY approaching support, potential bounce! Price is approaching our first support at 109.24 (horizontal overlap support, short term ascending support line, 61.8% Fibonacci retracement). A strong bounce might occur above this level, pushing price up to our major resistance at 110.33 (horizontal overlap resistance, 61.8% Fibonacci retracement). A breakout above our intermediate resistance at 109.97 (horizontal swing high resistance, 50% Fibonacci retracement) might provide the bullish acceleration to our major resistance level.
RSI (89) is also approaching our major support where we might see a corresponding rise in price should it bounce off this level.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Elliott Wave Analysis: USDJPY UpdateUSDJPY found a base this week at 111.60 area and bounced sharpy up to 113.00 which may not be a breakout yet, if we consider the possibility of a Elliott wave triangle placed in wave B. It's a five wave pattern where wave E) is still missing, so be aware of a new setback to 112.00 before uptrend resumes in impulsive fashion.
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.
Bearish cypher pattern on 4H and 1HAn interesting bearish cypher setup with two possible entry points based on where I might set my stoploss. I could enter at D completion with a stoploss above X but if I take previous structure into consideration then I would need to wait for price to close above 116.161 level in order to take this trade. I do not think i could take the 113 inverse extension because it sits just under that previous resistance level.