Usd-jpy
Joe Gun2Head Trade - USDJPY into short term resistanceTrade Idea: Sellinh USDJPY
Reasoning: Into short term resistance.
Entry Level: 134.36
Take Profit Level: 129.80
Stop Loss: 136.08
Risk/Reward: 2.64:1
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USDJPY H4: Bullish outlook seen, further upside above 131.00On the H4 time frame, prices are approaching the support zone at 131.00, in line with the 50% Fibonacci level where a throwback to this zone could present an opportunity to play the bounce. A break above the upside confirmation level at 134.50, which is also the graphical swing high resistance could provide the bullish acceleration for further upside in prices, to the resistance zone at 137.80. Stochastic is testing support at 0.45 as well supporting the bullish bias.
💱USD/JPY Chance For A Correction💱💱USD/JPY Chance For A Correction
💱The Japanese yen today scored a strong wave of appreciation.
💱But the end of the day lifted the price a bit.
💱Looking at the candlestick formation and price action it looks like there is a good chance to make a small upward correction.
💱I established a support zone near the recent lows.
💱The resistance zone is located around the 0.236 level of the entire downward wave.
💱The scenario I am playing out is the execution of a small upward correction. I don't exclude the possibility of changing the scenario if the market situation changes abruptly. I'm aware of the possibility of a correction at any time, this should be taken into account, If the outlook changes I will publish a post with an update, so I encourage you to actively follow the profile and read the description carefully.
🚀If you appreciate my work and effort put into this post then I encourage you to leave a like and give a follow on my profile.🚀
USDJPY 4hour Analysis January 1st, 2023USDJPY Neutral Idea
Weekly Trend: Bearish
Daily Trend: Bearish
4hour Trend: Bearish
Trade scenario 1: We are clearly looking bearish on UJ as expected due to DXY falling.
There is a strong likelihood we will continue bearish this week but personally I am not satisfied with the current price action, we are a bit extended with a large amount of volume still in the market.
The safest and most ideal scenario would be entering long for a retrace up to 135.000 resistance & our 61.8% fib level.
Trade scenario 2: The other likely scenario is that UJ continues to plummet without any structure. This would make a safe trade scenario very difficult to spot.
💱USD/JPY End Of Downward Correction💱💱USD/JPY End Of Downward Correction
💱Today we made a downward correction which with its range brought the price to the support level set in the previous post
💱The technical environment still favors growth so I am not worried about my upward scenario.
💱The scenario I'm playing out is the continuation of growth to the vicinity of the 0.236 level of the entire downward wave from the peak to the current bottom. I don't exclude the possibility of changing the scenario if the market situation changes abruptly. I'm aware of the possibility of a correction at any time, this should be taken into account, If the outlook changes I will publish a post with an update, so I encourage you to actively follow the profile and read the description carefully.
💱*Please do not suggest the path I have outlined with lines it is only a hypothetical scenario.
🚀If you appreciate my work and effort put into this post then I encourage you to leave a like and give a follow on my profile.🚀
USDJPY H1: Bullish outlook seen, limited upside above 133.20On the H1 time frame, prices are approaching the support zone at 133.20, in line with the 38.2% Fibonacci retracement level and a throwback to this zone presents an opportunity to play the bounce to the resistance zone at 135.60. This resistance zone is also the previous graphical area that has been tested as both a support and resistance. Prices are holding above the Ichimoku cloud as well, supporting the bullish bias.
💱USD/JPY Opportunity For Continued Increases💱💱USD/JPY Opportunity For Continued Increases
💱This post is a direct continuation of my previous post:
💱After the declines of December 20 due to the intervention of the Bank of Japan, the USD/JPY is doing quite well in terms of increases.
💱It can be seen that the sentiment is still pro-growth.
💱Also, the technical environment supports pro-growth scenarios.
💱It looks like there is a high probability of reaching the resistance zone marked on the chart, which is located around the 0.236 level of the entire downward wave from the peak to the current low.
💱I determined the support zone based on where the price has repeatedly found support as well as resistance.
💱The scenario I'm playing out is a continuation of growth to the vicinity of the resistance zone. I don't exclude the possibility of changing the scenario if the market situation changes abruptly. I'm aware of the possibility of a correction at any time, this should be taken into account, If the outlook changes I will publish a post with an update, so I encourage you to actively follow the profile and read the description carefully.
💱*Please do not suggest the path I have outlined with lines it is only a hypothetical scenario.
🚀If you appreciate my work and effort put into this post then I encourage you to leave a like and give a follow on my profile.🚀
💱USD/JPY Time for correction💱💱USD/JPY Time for correction
💱The Japanese yen has shown strength in the last week, on Tuesday we moved down more than 4% due to the Bank of Japan's intervention.
💱After landing on a strong support zone, we began to form a small upward correction.
💱In my opinion, there is a chance that it will even reach the vicinity of the nearest resistance zone, after which there is a good chance for the continuation of declines.
💱The technical environment is still very pro-downtrend, but in my opinion, from the current levels, there is little chance for the continuation of the declines.
💱The scenario I am playing out is the execution of an upward correction, after which I will watch and look for opportunities to continue the declines. I don't exclude the possibility of changing the scenario if the market situation changes abruptly. I'm aware of the possibility of a correction at any time, this should be taken into account, If the outlook changes I will publish a post with an update, so I encourage you to actively follow the profile and read the description carefully.
💱Please do not suggest the path I have outlined with lines it is only a hypothetical scenario.
🚀If you appreciate my work and effort put into this post then I encourage you to leave a like and give a follow on my profile.🚀
💡USDJPY - Weekly Technical Analysis UpdateMidterm forecast:
While the price is below the resistance 141.696, resumption of downtrend is expected.
We make sure when the support at 130.351 breaks.
If the resistance at 141.696 is broken, the short-term forecast -resumption of downtrend- will be invalid.
We will close our open trades, if the Midterm level 141.696 is broken.
Technical analysis:
While the RSI resistance #1 at 55 is not broken, the probability of price increase would be too low.
A peak is formed in daily chart at 138.175 on 12/15/2022, so more losses to support(s) 131.500 and minimum to Major Support (130.351) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index ( RSI ) is 36.
Take Profits:
145.094
141.696
139.340
137.355
134.672
131.500
129.442
126.409
121.271
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💡USDJPY - Weekly Technical Analysis UpdateMidterm forecast:
While the price is below the resistance 141.696, resumption of downtrend is expected.
We make sure when the support at 130.351 breaks.
If the resistance at 141.696 is broken, the short-term forecast -resumption of downtrend- will be invalid.
We will close our open trades, if the Midterm level 141.696 is broken.
Technical analysis:
While the RSI resistance #1 at 55 is not broken, the probability of price increase would be too low.
A peak is formed in daily chart at 138.175 on 12/15/2022, so more losses to support(s) 131.500 and minimum to Major Support (130.351) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 36.
Take Profits:
145.094
141.696
139.340
137.355
134.672
131.500
129.442
126.409
121.271
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . . Drop some feedback below in the comment!
❤️ Your Support is very much 🙏 appreciated!❤️
💎 Want us to help you become a better Forex / Crypto trader?
Now, It's your turn!
Be sure to leave a comment; let us know how you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤️