It is some what of a no-brainier but let me make my case.
The USDJPY made a strong move to the upside a Friday off the LiveSquawk Blast (Change To BoJ Lending Facility Could Accompany Any Key Rate Cut). It broke above former 4HRS_(Figure 1. Support-turn-Resistance-now-Support again!!). This spark bullish bias although it might be short lived.
Conformation Validity
1. 4HRS support
2. RSI Divergents
3. RSI 50-line retest
4. Stochastic Cross
Risk Events:
08:45 USD Markit Composite PMI - 51.3
08:45 USD Services PMI (Apr) 52.3 51.3
09:00 USD CB Consumer Confidence (Apr) 96.0 96.2
Figure1. 4HRS_(Figure 1. Support-turn-Resistance-now-Support again!!)
The USDJPY made a strong move to the upside a Friday off the LiveSquawk Blast (Change To BoJ Lending Facility Could Accompany Any Key Rate Cut). It broke above former 4HRS_(Figure 1. Support-turn-Resistance-now-Support again!!). This spark bullish bias although it might be short lived.
Conformation Validity
1. 4HRS support
2. RSI Divergents
3. RSI 50-line retest
4. Stochastic Cross
Risk Events:
08:45 USD Markit Composite PMI - 51.3
08:45 USD Services PMI (Apr) 52.3 51.3
09:00 USD CB Consumer Confidence (Apr) 96.0 96.2
Figure1. 4HRS_(Figure 1. Support-turn-Resistance-now-Support again!!)
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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.