USD/JPY Today for Newbies need confirmation

The USD/JPY broke the key resistance at 110.00 ahead of the key event of the week. Next challenge comes with February’s high at 110.48, which according to the indicators on the four hour time frame is achievable.

The USD/JPY is trading around 110.40, not much changed for the day and below the daily high. According to the indicators ont he four hour time frame the upside remains favored despite the lack of stong bullish momentum. The pair is situated above the 61.8% Fibo and the 100-day and 200-day SMAs.

Strong resistance at 111.50. If it breaks, the dollar could dominate again.

USD/JPY is again capped by 110.50, as last week. Now the pair is sliding towards downside and is aiming the key support zone at 110.00.

Fear on the world’s two biggest economies are on a trade war, the pair is on bearish reveral, 111.00 is acting as psychological level on the downside.

USD/JPY is very hesitant today around 110.00 level but finally settled few pips above it. Yet the support at 109.54 remains critical area.

USD/JPY is trading little changed on the upside today.The pair is slightly above 110.00 level but the 200-day SMA at 110.22 if proving strong resistance.

Elliott Wave View: USDJPY Support Around The Corner?

USDJPY short-term Elliott wave view suggests that the rally to 110.91 high ended Minor wave 1 & also the cycle from 5/29 low. The internals of that rally higher unfolded as Elliott wave leading diagonalwhere Minute wave ((i)) ended at 110.27 high in 5 waves, Minute wave ((ii)) pullback ended at 109.17, and Minute wave ((iii)) ended at 110.85 in 5 waves structure.

Down from there, Minute wave ((iv)) pullback ended at 109.89 and Minute wave ((v)) of 1 ended at 110.90 high in another 5 waves structure. Below from 110.9 high, pair is doing a Minor wave 2 pullback to correct cycle from 5/29 low in 3, 7 or 11 swings. So far the pullback looks to be unfolding as Elliott wave double three structure where Minute wave ((w)) ended at 109.53 with internals subdivision as zigzag correction. Up from there, Minute wave ((x)) bounce ended at 110.76 with internal subdivision of a double three. Near-term focus remains towards 109.36-109.04, which is 100%-123.6% Fibonacci extension area of Minute ((w))-((x)) to end the Minute wave ((y)) & also the Minor wave 2 pullback. Afterwards, the pair is expected to resume higher provided the pivot from 5/29 low (108.10) stays intact or should do a 3 wave bounce at least. We don’t like selling the proposed pullback.

USDJPY 1 Hour Elliott Wave Chart

Resulting from fear of the trade war escalating push the pair down below 110.00 level, immediate support is around 109.40 and follows by 109.20.

USD/JPY crossed to above the critical 110.00 handle and is showing good upward strength. Bulls are aiming now the resistance at 110.45.

US bulls are gaining traction and USD/JPY will retake 110.45 very soon.

USD/JPY moved above the 110.45 level but bulls are hesitating. The pair is holding around the weekly high and is keeping neutral to positive stance. Indicators are losing directional strength and showing lack of stability around the positive area.

Good opportunity to go short i think.

Usd/Jpy had a brief correction movement, but as long as the pair stays above 110.80 level, bullish trend continues.

USD/JPY is hovering around 110.50 after rejecting the 111.00 earlier today. The bearish sentiment prevails and the pair is vulnerable around 110.15 where the 100-day SMA is providing first support.

110.30 could be a good long entry.

The USD/JPY is trading lower today around 110.50 after the US NFP data. The greenback might recover ground on the better-than-expected numbers but the pair needs to advance beyond 111.00 in order to extend its advance up to 111.40.

Usd/Jpy is trading almost flat around mid 110 level, the pair is lack of directional strength.

USD/JPY made an amazing rally today and the pair holding steadily above 111.00 level. Next bullush target is seen at 111.40.

Elliott Wave Analysis: USDJPY Extending Higher As Impulse

USDJPY short-term Elliott Wave view suggests that the rally to 111.13 high ended Minute wave ((i)). Down from there, the pullback to 110.24 low ended Minute wave ((ii)). The internals of that pullback unfolded as a Flat Elliott Wave structure where Minutte wave (a) ended in lesser degree 3 swings at 110.77. Then bounce to 111.10 ended Minutte wave (b). And Minutte wave © of ((ii)) ended in 5 waves at $110.24 low.

Up from there, Minute wave ((iii)) remains in progress. And rally higher is showing the sub-division of 5 waves in lesser degree cycle suggesting an impulse structure. Above from $110.24 low, Minutte wave (i) of ((iii)) ended in 5 waves at 111.35. The pullback to 110.74 low ended Minutte (ii) of ((iii)). A rally higher from there is expected to complete Minutte wave (iii) of ((iii)) soon in another 5 waves in between 161.8%-200% Fibonacci extension area of Minutte wave (i)-(ii)) at 112.56 – 112.93. Afterwards, the pair is expected to do a pullback in Minutte wave (iv) of ((iii)) before another push higher is seen. We don’t like selling it. And as far as a pivot from 110.24 low holds pair is expected to see more upside.

USDJPY 1 Hour Elliott Wave Chart