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JPYUSD

Japanese Yen - Continued Divergenece Most of the day the Yen/USD traded lower breaking the 200 Moving Average through the day - first time its done this since this ramp up started. Highlighted in hot pink you can see the points of control notice that most the business was done at lower prices today , but closed higher into the S&P / Nasdaq close. Divergence remains - still time in this trade, thesis remains, lower prices ahead. One point - US dollar is on the cusp of braking an almost 10 year trend line - if this fails then all bets are off. CME:6J1! [/symbol
CME:6J1!
by Maximilianned
2
USDJPYUSD has been one of the weakest pairs of the Forex market recently, however, JPY has been even weaker and underperformed USD. USDJPY has been trading under 108 since April. The level has acted as resistant multiple times. It looks like the price has made a massive inverse head and shoulders that just got completed by a break above the horizontal neckline at 108 which used to act as resistant. The target of the inverse head and shoulders is around 110 however there is a minor level of resistant around 108.5 ish (the dashed horizontal) and anther resistant zone around 109 (the red box) between the current price and the head and shoulders target. A pull back to the horizontal around 108 can be a good entry for this trade. The level should act as support now and you can manage your risk below the level. This trade can provide a 2.5 risk to reward trade if it hits the first major resistant, it might aslo over shoot the level and hit the full messured move of the inverse head and shoulders but I don't want to get a head of my self and count on that before we break that level.
Long
by Trader_Shayan
4
Bullish Falling Wedge / Inverse Head & Shoulders / Ascending TriAs the title suggests - we have a large (light blue) bullish falling wedge with break out. As we have broken out we should expect to retest previous resistance as new support. This will help form the bullish ascending triangle in yellow and also converge with the .236 fib level as added support. We also have the green inverse head and shoulders. My entry: 107.354 SL: 107.154 TP1: 108.883 (.382 fib) TP2:109.5 (.618 fib) TP3: 110.53 (.786 fib)
Long
by Corrupt_Economy
USDJPY Bear Trap TriangleOn the right it looks like a bearish breakout, but i have a feeling it might become a bear trap. A lot will depend on the current 4H candle close. If that closes above the previous red body, it's a decent signs. if it would close above the other one as well, would be even better. If we would then see another test of that red resistance, it would increase the chances for a bear trap even more. Ideal version would be see some consolidation on lower time frame against that red zone. If then a break of the resistance would happen and a strong rally towards the 108ish, could mean a bigger move up for coming weeks. But that will depend on how strong the rally would be then. Don't forget to like if you appreciate this :) Previous analysis:
by botje11
3