USD/JPY Technical Analysis USD/JPY made a strong impulse move tw
USD/JPY made a strong impulse move two weeks before.
But the rally fizzled out at the high and since then the pair is retracing its move.
Now, it has found support around the 103.7 mark.
A move beyond the resistance 104.2 can invite bulls once again in this counter and hence we advise traders to go long as soon as the pair breaks above it.
Usdjpybuy
USDJPY - LONG
ALL ANALYSIS ARE MADE USING ONLY PRICE ACTION, NO INDICATORS. MULTIPLE TIMEFRAMES ARE INVOLVED BEFORE TAKING A TRADE.
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==> OTHER THOUGHTS?: COMMENT SO WE DISCUSS
==> PLEASE TAKE NOTE!! DO NOT SET LIMIT ORDERS. GET IN ONLY WHEN YOU GET THE GO SIGNAL FROM PRICE ACTION
Buy with measured risk, if the price breaks the SnD areaBuy Usd / Jpy if you engulf the SnD area.
At the moment, the price seems to be trying to break the blue line, which is also the SnD area. If the price breaks this area, it will likely continue its bullishness up to resistance (R).
Buy with measured risk, if the price breaks the SnD area
USDJPY Bounced from the trend line support 107.00 level eyedUSDJPY
Was bounced after touching the trend line which is acting as both support and resistance level. The main support level comes around 105.100 level which is a completion of ii Elliot wave and the starting point of iii Elliot wave. In between this iii Elliot wave we can expect some minor Elliot impulse waves from 1-5.The price is currently trading parallel to the consolidation phase which i have
mentioned earlier. We must aware about the series of Higher low lower low and lower high which is a sign of minor bearish trend. Bull has to go above
the 105.600 level so that it can reach up to 107.000 Level
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