I agree, the pair needs break out. Currently showing no clear direction.
USD/JPY is trading at daily highs, but yet 110.00 remains hardly to achieve.
USD/JPY made good rally today and currently is pressuring the Februaryās high at 110.48, which could be a possible breakout point.
USD/JPY continues to advance and is marking fresh monthly high. The price is developing above its firmly bullish moving averages and I expect a test of 111.00 handle.
I think itās a good time to short the pair at 111.00.
Bulls are still in control, Iām targeting 112 level.
USD/JPY is holding above 110.00 but remains vulnerable for slides towards the downside. I think that the pair might meet soon the supprot at 110.90.
The trend line was formed by three previous tops, has a high probability to hold.
The price is at 111.00 at this morning which is near trend line resistance so the top may be forming.
RSI indicator is also oversold.
Therefore, the sell in this case is promising.
I sold at 110.95 with stop = 115.00 and target 1 = 108.00, target 2 = 105.00.
Check out detail plan at my blog with chart:
USD/JPY sold off a bit today for no apparent reason it seems.
The pair recovered from the opening bullish gap, lost it upward strength, consolidation will continue as focus turn to Non-farm payrolls.
The USD/JPY pair jumped to 109.82 at the beginning of the day, currently is tradign around 109.40. Indicators are losing strength and to return to bullish stance the pair will need to break above the 109.90/110.00 area.
The USD/JPY pair reached a high of 109.30 and is now trading very close to it. The pair might concentrate around this level until the announcement of the latest NFPs and jobs data scheduled to be released in less than an hour.
USDJPY Elliott Wave view: Calling For Bounces To Fail Ahead of NFP?
USDJPY Short-term Elliott Wave view suggests that the rally to 111.40 on May 21 ended intermediate wave (A) as a Diagonal structure coming from March 26 low (104.52) cycle. Pair is currently correcting cycle from 3/26 low within Intermediate wave (B). The pullback shows overlapping price structure suggesting that it is taking the form of a corrective structure i.e either as W,X,Y or W,X,Y,X,Z structure.
Down from 111.40 high, the decline to 108.94 low ended Minute wave ((a)) of W in 5 waves. The bounce to 109.83 high then ended Minute wave ((b)) of W in 3 waves bounce. Afterwards, the decline to 108.10 low ended Minute wave (Ā©) and also completed Minor wave W as an Elliott Wave Zigzag structure. Up from there, Minor wave X bounce is in progress to correct the cycle from 111.40 high. The rally should fail in 3, 7 or 11 swings for further downside correction as far as pivot at 111.4 high stays intact. Near-term focus remains towards 109.35-109.59 to finish Minor wave X. This is the 100%-123.6% Fibonacci extension area of Minute wave ((a))-((b)) of a zigzag structure. Once wave X is complete, pair should resume lower provided the pivot at 111.40 high stays intact or should react lower in 3 swings at least. We donāt like buying the proposed rally.
USDJPY 1 Hour Elliott Wave Chart
The Yen has been depreciating, I think the USD could reach 111.00 before long.
Iām expecting bullish continuation, resistance can be found at 110.00 and follow by 110.40.
USD/JPY is trading around 109.50, just below the 50% Fibo of latest bearish run. Indicators has lost directional strength although remain within oversold area. It seems that the pair is consolidating before next upward move.
The weakeness provided by the US Dollar pushed the USD/JPY lower today. The pair crossed to below the 110.00 level but the 50% Fibo at 109.65 offers good support.
The pair looks bearish, i think it might break to the downside next week.
I hope the usdypy above 110.29. But Nikkei225 is finishing your correction. i consider usdjpy uptrend an ending pattern. After this a downtrend will begin. From daily chart thereĀ“s downtrend signal at my trading plan.
The dollar is on the rise before Trump-Kim summit, next resistance handle 110.00/20 is crucial, break above the pair is expecting extend further on the upside.