U.S. Dollar / Japanese YenUpdated USDJPY D1 wave and fib analysis
Inverse H&S in play?
Note
Not yet invalidated but movement off trendline/fib/resistance and accumulation of volume for many days suggests this may have been a corrective wave and is now poised for a sell-off. Besides this, DXY has broken strong support 97.69, supporting a bullish outlook but still needs to show that the support is strong enough to hold for further rallies.Note
D1 showing inside bar off 2.382-2.618 Fib area, which has proven to be resistance-turned-support in January. Long term (weekly and monthly) this pair does still seem to be in a bullish trend.Note
Falling back to test 2.382-2.618 area again. Watching closely to see movement from here and from 1.618
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.