Has USDJPY Reach Its Peak?


In My Opinion, YES! Its currently going sideway. How much longer before it break away from here? Which direction will it go? Going up further or slumping down?

Welcome to give any form of opinions or insight. Accept any form of constructive criticisms.

BR,
forex88news

USD/JPY had an ascending trend without a noticeable reformation during the recent weeks that shows buyer certainty in reaching to the predetermined targets.The price could record the top price of 110.066 in Weekly time frame which is fixed by descending candle.The price by reaching to the Median line has been stopped from more ascend and by forming a Hanging Man candlestick pattern( possibility of formation of a top price and changing price direction)and fixing of it by a descending candle has prepared the field for creating a top price and a descending trend.

RSI indicator is in saturation Buy area and divergence mode with the price chart that confirms the current Top price and warns about descending of price during the next candles. According to the formed movements in weekly chart of this currency pair, there is AB=CD harmonic pattern with ideal ratios of 50 and 200 between bottom price of 96.507 and the top price of 110.066 that by completion of the D point in this pattern, there is warning for descending of the price and changing price direction. Right now the first warning for descending of the price (in the same direction with harmonic pattern’s signal) is breaking of the supportive level of 106.667.

Yes.

The strength of the pullback from 110 means it has reached a medium term top (certainly 2014 top) and given that the USD strength was due to a very bullish Fed, I’d argue that it may have reached a top for the next few years too but I guess that depends on Kuroda and his Abenomics gang not easing.

USD/JPY during the recent weeks had a strong ascending trend and could record the top price of 119.000. Right now the mentioned top price is one of the most important and nearest resistance level in front of the price that by breaking of it, the price finds the potential to reach the important resistance level of 119.340 or 120.900 .Price has been stopped from more ascend by reaching to the round resistance level of 119.000(the reason for some buyers to exit their trades) and by making a top price (Shooting Star) in daily time frame has started to reform.

According to the formed price movements in the chart, between the bottom price of 101.061 and top price of 119.000,there is AB=CD harmonic pattern with ideal ratios of 50 and 200 that with completion of the D point there will be a warning for descending of price.Stoch indicator in daily time frame is in saturation buy area and in divergence mode with the price chart that warns about the potential of descending during the next candles. One of the important warnings for decreasing of is breaking of supportive level of 117.345 (Low level of price changes in the previous daily candle).

Please note that this daily bite is only one potential trade we picked from many. The total P&L shows our overall trading on clients account.

Yesterday’s P/L: +0.31%
February Total: +2,85%

USDJPY - Intraday - We look to Sell at 119.00 (stop at 119.35) Selling pressure from 119.83 resulted in all the initial daily gains being overturned. We have a 61.8% Fibonacci pullback level of 119.61 from 120.47 to 118.22. Expect trading to remain mixed and volatile. Further downside is expected although we prefer to sell into rallies close to the 119.00 level. Our profit targets will be 118.60 and 118.35 Resistance: 119.00 / 119.30 / 119.85 Support: 118.60 / 118.35 / 118.00 –

Based on my Chart
It raise questions
How low UJ can Go,
Or will be a major correction to the north?


Seen in Time Frame Daily, after forming the pattern of M / double Top, USD weakened significantly against the JPY

and after experiencing weakening, USDJPY slowly but surely forming a bearish triangle pattern.

bearish confirmation occurs when the price can close below the penant triangle. and reversal pennant would happen if the bearish pennant pattern fails to form and USDJPY was able to break this pattern and is located above the triangle penant

recommendation:
Sell assuming bearsih triangle pattern confirmed with stoploss above the triangle
buy if the USDJPY is able to penetrate the triangle and closing the candle above the triangle


People stubbornly thinking yen will go to 105, fail to recognize central banks are just part of the market, they are no different than any individual just with much bigger size, their action like BOJ selling Yen is just a action may change supply/demand curve. At the end your ignorance or mis-understanding of supply/demand relationship costs you.