Are these indications that USD/JPY is going higher??
Hey Hey Hey…I hope you all are well!
This is only my idea.
Monthly
On the monthly chart, one support level that I noticed is at the level 108.088.
I can see that price rejected that level with the candle that was formed on June 1 2017.
From the week starting June 12- to June 16, 2017 the candle had:
Open 110.765
High 111.781
Low 108.808
Close 111.259
From the week of June 19 – June 23 2017, which was just last week
It had:
open 110.765
High 111.781
Low 108.808
Close 111.289 ***I can see the candle closed higher. WILL IT CONTINUE TO GO UP??
I noticed that the body of the candle went up because it closed at 111.298 as opposed to last week when it closed ad 111.259.
Besides, I plotted the Fibs from the Higher Low level (98.941) to the Lower High level (118.660). Market retraced towards the 50% fibonacci level 108.800.
I think the monthly support level at 108.088 together with the 50% Fibonacci level 108.800 could be a strong support. As a result, the market could continue to go higher.
Weekly
Same for the weekly, it is going higher. Last week the candle had:
Open 110.851
High 111.781
Low 110.723
Close 111.274
Changed to
Open 110.851
High 111.781
Low 110.723
Close 111.289 ***Closed higher
Daily
The Daily candle of June 23, 2017 opened a little bellow the previous one (June 22, 2017)
Comparisons of candles :
June 22, 2017 June 23, 2017
Open 111.371 Open 111.326
High 111.441 High 111.426
Low 110.944 Low 111.147 ***It has a higher low
Close 111.326 Close 111.289 ***Price closed a bit lower
Although the June 23rd candle closed a little lower that the June 22nd one, I noticed that the low was higher. Are these indications that USD/JPY is going higher?? … I hope so :)
Cheers and good luck!!
This is only my idea.
Monthly
On the monthly chart, one support level that I noticed is at the level 108.088.
I can see that price rejected that level with the candle that was formed on June 1 2017.
From the week starting June 12- to June 16, 2017 the candle had:
Open 110.765
High 111.781
Low 108.808
Close 111.259
From the week of June 19 – June 23 2017, which was just last week
It had:
open 110.765
High 111.781
Low 108.808
Close 111.289 ***I can see the candle closed higher. WILL IT CONTINUE TO GO UP??
I noticed that the body of the candle went up because it closed at 111.298 as opposed to last week when it closed ad 111.259.
Besides, I plotted the Fibs from the Higher Low level (98.941) to the Lower High level (118.660). Market retraced towards the 50% fibonacci level 108.800.
I think the monthly support level at 108.088 together with the 50% Fibonacci level 108.800 could be a strong support. As a result, the market could continue to go higher.
Weekly
Same for the weekly, it is going higher. Last week the candle had:
Open 110.851
High 111.781
Low 110.723
Close 111.274
Changed to
Open 110.851
High 111.781
Low 110.723
Close 111.289 ***Closed higher
Daily
The Daily candle of June 23, 2017 opened a little bellow the previous one (June 22, 2017)
Comparisons of candles :
June 22, 2017 June 23, 2017
Open 111.371 Open 111.326
High 111.441 High 111.426
Low 110.944 Low 111.147 ***It has a higher low
Close 111.326 Close 111.289 ***Price closed a bit lower
Although the June 23rd candle closed a little lower that the June 22nd one, I noticed that the low was higher. Are these indications that USD/JPY is going higher?? … I hope so :)
Cheers and good luck!!
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