forexTrdr Sunday Setups: USDJPY WHERE THEM BULLS AT??Hi all and welcome to our Sunday Setups a new technical analysis piece where we are looking to showcase our work and highlight our 20 years of professional trading experience at the worlds best Investment Banks.
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Where those bulls at on USDJPY? Thursdays failure to breach or even reach the 5th of Marchs high at point B (112.13) suggests Bullishness is fading and we are seeing the start of a descending triangle. Add in a strong technical that we are not going to discuss here we are looking for a test of the green support line from January lows and potential move down to the lower purple resistance level around 110.3. Key here is a breach and hold below the Jan support level. If we bounce and are subsequently able to breach 112.13 then bullish mode re-engages and we test the .786 fibonacci level from October high (112.3 area blue line).
Week Ahead
Sunday 17th March:
Japanese import/export and trade balance data - very low impact
Monday 18th March:
Japanese industrial production data - medium impact
Tuesday 19th March:
BoJ policy meetings - potential for high impact
US Factory Orders & Durable goods - low impact
Wednesday 20th March:
Fed Meeting - potential for high impact
Thursday 21st March:
Japanese Inflation data - medium impact
Friday 22nd March:
Japanese PMI - medium impact
Trend :
Ascending trend line supporting market since Jan low.
Month to date showing lower highs
Tech levels:
Major keys to upside:
112.13 point B and 5th of March high that failed to breach last week
112.35 area- Fibonacci support from October high
Major keys to downside:
111.24 area January support line
110.88 point C on chart
