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Nikkei - Fake Breakout or a usual shakeout after breakout?The above is the weekly comparison chart of the Nikkei (candles) and USD/JPY (bars). We can clearly observe that the benchmark index closely follows the movement in the Yen. Fake Breakout - The index had seen a bullish break above the descending trendline. However, the follow through has been weak. In fact, the current weekly closing is back below the descending trend line. Shakeout after Breakout - However, this could also be a usual shakeout after the breakout. Such moves are often seen on larger time frames like - weekly and monthly. Furthermore, the Dollar-Yen pair has formed a nice rounding bottom formation over the last few months. This increases the likelihood the Nikkei index gaining strength once again in the near future.
TVC:NI225
by TipTVFinance
USDJPY long : The downside trend just reversed !The USDJPY pair just made a trend change ; it has been confirmed at the beginning of the week. For the past 12 months, USDJPY was in a fast downside trend, losing approximately 20%. But once it has reached the very strong psychological level of 100Y for 1$, we have noticed a change in the bearish dynamic. After three bounces at this price (now Major support area), the downside trend made a reversal, confirmed by two facts : - first (PINK 1 on the chart), both the 80 days Moving average and the upper descending trendline have been passed when they were previously containing buyers during the whole bearish wave. This was one indication that the trend was about to reverse. - secondly (PINK 2 on the chart), the previous top at 104.155Y has been passed too. This is definitely showing that the downside trend is over, by definition. Now, the USDJPY pair should continue its ascension toward the first and second resistances that correspond to the two next tops. The short term level to look at closely is 102.80Y because this is the first invalidation level of the reversal. If it is broken, this will show some signs of weakness of the reversal. Obviously, if 100Y had to be broken too, this would definitely mean that the downside trend is back. For the ones who want to initiate a long position based on that idea, the short term stop should be placed just below 102.80Y (invalidation of the reversal scenario). Feel free to comment your idea and suggestions !
Long
by AlexandreNygal
4
DejaVu on 4 Hour Chart - Big Move Up?-= Gimme those *thumbies* or comment below and let me know what you think. =- We have many similar candle patterns and indicators as we had before. The one difference I see is the level at which price stochastics are turning up from. Previously we were rising from low levels below 20, but this time we are turning up from the 40-50 range. Be looking for confirmation once we continue to make new closing highs above the support line of 104.15.
Long
by Bonavest
1
USDJPYUSDJPY in the last days gave us way down a little energy to again reach the level of 103,149 which has become a support price would not break. Also as we see the chart price broke down also breaking the moving average of 62 periods but when you reach the level of 103,149 the price volume rising which does not suggest that the price goes to the moving average of 800 and likely to reach the resistance at the level of 104,933 that as seen in the graph is likely to form the triangular wave elliot and the price reaches the point E as the goal to follow if the price respects this analysis to go to the best entry would rise when the price reaches the point D elliot wave. on the other hand if the price also hits the average 800 but bounces downward torque may exceed the aforementioned support so that the ussdjpy reaches levels below the average 200 only in the next few hours we will see if all this she respects and move on step long! I welcome your comments greetings to all!
Long
by TonyxX
GBPJPY Currency Strength Bearish - Expected Possible Fall Daily CSS made cross back into bearish side which means, daily back to the weekly trend which is clearly very bearish ...All we need now is a good confirmation from the (counter trend) pull back for our entry in trend (sell)...make sure no special news around...and get the deal :)An confirmation of weekly resistance rejection will be a great reason to look into getting in... Daily analysis also posted on Telegram: telegram.me
Short
by ForexEZ
1