Bullish clues:
- Price rebound on the bottom of the Andrews' Pitchfork, corresponding to a daily bullish oblique support
- Price broke upward the 50% Fibonacci retracement level
- Price broke upward the 100 exponential moving average
- Lagging Span of Ichimoku indicator broke upward the upper band of Bollinger Bands
- Ascending triangle
USD/JPY could first reach the resistance level at 109.700, which also corresponds to the 61.8% Fibonacci retracement level and 78.6% Fibonacci extension level. Next, if the price confirm the ascening triangle, the second target is at 111.000, which is a psychological level, the last higher level, close to the middle of the Andrews' Pitchfork and the 161.8% Fibonacci extension level. The third target is the daily resistance at 112.225, which also corresponds to the 261.8% Fibonacci extension level.
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
- Price rebound on the bottom of the Andrews' Pitchfork, corresponding to a daily bullish oblique support
- Price broke upward the 50% Fibonacci retracement level
- Price broke upward the 100 exponential moving average
- Lagging Span of Ichimoku indicator broke upward the upper band of Bollinger Bands
- Ascending triangle
USD/JPY could first reach the resistance level at 109.700, which also corresponds to the 61.8% Fibonacci retracement level and 78.6% Fibonacci extension level. Next, if the price confirm the ascening triangle, the second target is at 111.000, which is a psychological level, the last higher level, close to the middle of the Andrews' Pitchfork and the 161.8% Fibonacci extension level. The third target is the daily resistance at 112.225, which also corresponds to the 261.8% Fibonacci extension level.
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
Trade closed: target reached
First target at 109.700 reached. Wait and see for the next moves.
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.
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.