The pair is range-bound but the upward trend appears exhausted. I think there will be a move to the downside this week.
Difficult to trade for the last week.
Usd/Jpy has just recovered 112 level, as long as the pair trading above it’s long term critical support level at 111.10, I believe the risk remains on the upside.
Trading to the downside this week. Tomorrow will be interesting to see what the news say.
Usd/Jpy started the week with a big gap up, but the pair couldn’t hold above 114.00 level possibly due to increased demand for Yen.
I think to go short this week. Somewhere around 115.
Market is expecting the BOJ to leave monetary policy unchanged at the next meeting.
The USDJPY drops to the 113.00 level, which was resistance around the end of September and now could become support. A bullish bounce from the 113.00 level may take the pair back to the 114.00 level. A breakdown of the 113.00 level may take the USDJPY to the 112.00 level where we can find the 55 day EMA.
USD/JPY could not top 115 but it might do so next week.
Very detailed USDJPY analysis, about to break the weekly triangle
It looks weak on the short-term but it might catch up pretty quick.
The pair looks like it will go higher.
Usd/Jpy is sideway trading and showing no clear directional strength, immediate resistance can be seen at 114.00.
USD/JPY went lower than i expected. But it still looks like a cup pattern.
If you are tracking USDJPY this week, you may consider this top-down technical perspective.
On the daily time frame, price action is strongly under the control of bears. On Friday, the bulls attempted to push price up but were restrained by bears. Should bulls manage a follow-through early this week, we may see a retracement upward, with a likely target being the immediate resistance around the 112.680 area, and may extend to test an inner resistance trendline (navy colour).
On the H4 time frame, price action is operating in an area of consolidation but the last session saw the formation of an indecision candlestick which failed to take out the high of the previous candlestick. It was apparent from the number and size of the bullish candlesticks that the bulls were more influential. We may see a retracement to the upside before a southward continuation materializes. Such a retracement may extend to validate the inner resistance trendline (magenta colour) on the H4 time frame, perhaps at an area of comnfluence to the 38.2 Fib retracement of the swing down from the high of November 6, 2017. This area is around the 112.680 handle.
I may be wrong. Trade safe and prosper.
Sounds interesting, let’s check it out.
The pair made a move to the upside today, despite depreciation of the US dollar.
The pair started the week with a bullish gap, usd/jpy is very likely to break above 113 level, and accelerate to next resistance zone around 113.50/60.
Now price is testing resistance. And I believe that price will not break the resistance and together with the bear will go down to the point 112,287. However, if the bull has enough strength and price breaks the resistance, then price will go up to the point of 113.395.
Usd/Jpy is consolidating the gain, resistance can be found at 113.80, and downside is limited to 113.10.