USDJPY Impulse Bear Move| Range Support| Resistance Confluence
Evening Traders,
Today’s Analysis – USDJPY – Impulse move into daily support with an oversold bounce recovery. A swing low failure in the RSI will show strength, immediate target will then be range resistance.
Points to consider,
- Trend oversold bounce
- Range support retest
- Resistance confluence (200&21 MA, Range Mid-Point)
- RSI below 50 (Weakness)
- Stochastics projected up
USDJPY is currently testing resistance, multiple confluences with the range midpoint and the Moving Averages. Price is likely to retrace back into Range Support (Retest) to solidify an S/R Flip.
The RSI is below 50, indicating weakness in the market. If the RSI puts in a swing low failure at Range Support, this will indicate a probable bounce. The Stochastics current momentum is shifted up, no official sell cross, it can stay here for an extended period of time.
Overall, in my opinion, USDJPY is likely to retest Range Support; this will solidify the level with the immediate target being Range Resistance. A further sell off is likely at Range Resistance due to the magnitude of the impulse sell off.
What are your thoughts?
Please leave a like and comment,
And remember,
“The market is a device for transferring money from the impatient to the patient.”- Warren Buffet
Today’s Analysis – USDJPY – Impulse move into daily support with an oversold bounce recovery. A swing low failure in the RSI will show strength, immediate target will then be range resistance.
Points to consider,
- Trend oversold bounce
- Range support retest
- Resistance confluence (200&21 MA, Range Mid-Point)
- RSI below 50 (Weakness)
- Stochastics projected up
USDJPY is currently testing resistance, multiple confluences with the range midpoint and the Moving Averages. Price is likely to retrace back into Range Support (Retest) to solidify an S/R Flip.
The RSI is below 50, indicating weakness in the market. If the RSI puts in a swing low failure at Range Support, this will indicate a probable bounce. The Stochastics current momentum is shifted up, no official sell cross, it can stay here for an extended period of time.
Overall, in my opinion, USDJPY is likely to retest Range Support; this will solidify the level with the immediate target being Range Resistance. A further sell off is likely at Range Resistance due to the magnitude of the impulse sell off.
What are your thoughts?
Please leave a like and comment,
And remember,
“The market is a device for transferring money from the impatient to the patient.”- Warren Buffet
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