USD/JPY Technical Analysis
The counter is currently in a sideways range.
It has hit the lower end of the range with stochastic lunging into the oversold zone.
We expect the range to hold and push the price higher.
Usdjpyidea
UsdJpy- carving strong baseSince the start of the pandemic, UsdJpy is trading downwards, but if we look at the daily chart we can see that this downtrend is anemic and looks more like a range with some bearish tone.
We have a recent low just above 103 and now the pair looks like it found a strong base in this zone.
I expect a trend reversal for UsdJpy and I have a bullish outlook as long as the price is trading above 103.
My target for medium-term is 108 zone
USD/JPY Technical Analysis.Currently, USD/JPY is trading at 104.10. The pair is trading in a sideways trend and can break the support level to start a new down trend. If the price breaks the support level at 103.66, then it can start a new down trend and its first target will be at 103.20 and second target will be at 102.65.
Follow proper risk management strategy to avoid unnecessary losses and to increase profitability, don't risk more than 2% of your capital on each trade.
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UsdJpy building upside momentumAfter 103.20 low, UsdJpy has risen aggressively and reversed 250 pips in one day. Either is BoJ intervention or just the market, 103 is very strong support now.
Now the pair looks like is building upside momentum and a break above 105 would signal a change of trend.
I'm bullish as long as 103 is intact
USD/JPY Technical Analysis.Currently, USD/JPY is trading at 103.91. The pair is trading in downward resistance and support wedges and can continue the same trend if it breaks the support level at 103.79. If the price breaks the support level, then it can continue the downward trend and hit the target price at 103.14.
Follow proper risk management strategy to avoid unnecessary losses and to increase profitability, don't risk more than 2% of your capital on each trade.
Do follow us for future Forex trend analysis and Ideas.
Thank you,
Rishikesh Lilawat
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.
USDJPY Top-Down AnalysisHello Traders,
Here is the Top-Down Analysis of USDJPY (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 48 - Nov 23
M > Market was moving in a wedge with horizontal support however price has broken the support to the downside and we will now look at downward channel as a guide.
W > Inside the channel we can see Bearish Trend in a downward wedge. Price tested bottom of wedge as support and moved up to test weekly resistance. After a false breakout of wedge price dropped.
D > Price has dropped till 0.786 Fib level of last bullish impulse and closed the day will rejection to the upside. We can see an M formation and expect price to move bullish and test neck of M to complete the formation.
As per COT JPY saw closure of major Long and some Short positions reducing net positions massively in comparison with last report, bringing both Long and Short to least in current year. JXY dropped during the said period but gained strength last week.
4H > We can see loss of momentum but do not have confirmed reversal price action, though can see bullish divergence.
Pair Correlation > USDJPY does not have any strong correlation with any pair on daily timeframe.
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USDJPY LONG OPPORTUNITY The bullish trend has set to resume on the USDJPY, in a couple of days ahead we shall witness massive buy on usdjpy because we are currently at the beginning of wave 3,
Goodluck
USDJPY ShortAs see on USDJPY chart, Price is at a descending price channel, price had a sharp move to channel top and successfully broke the green trendline and then pullbacked to it, then tended to break the channel but failed to make new high and strongly rejected by the channel top, now it has broke the green trendline support and has high chance to reach the channel bottom.
UsdJpy- 107 is my first targetAfter dropping to 103 zone, UsdJpy reversed with a HUGE bullish engulfing... candle that engulfs literally a month of trading.
I'm very bullish on this pair for this reason and I'm looking to buy dips.
My first target is 107
4h fallirrespective of indicators that show the buy signal
my opinion is vice versa because of trend lines and demand area
USDJPY Top-Down Analysis (Long then Short)Hello Traders,
Here is the Top-Down Analysis of USDJPY (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 46 - Nov 09
M > Market was moving in a wedge with horizontal support however last week price broke support to the downside and we will now look at downward channel as a guide.
W > Inside the channel we can see Bearish Trend in a downward wedge and price is currently testing bottom of wedge as support. We can expect a correction to the upside.
D > With drop last week price has created an over extended M formation and we can expect correction to the upside till neck of M. We will expect correction till bottom of wick but price can retrace till body of candle as it coincides with 0.382 Fib level on last weekly bearish impulse. In long term we expect price to drop and continue with bearish trend.
As per COT JPY saw addition of Long and closure of Short positions improving net positions. Commercials have added both Long and Short positions, bringing their Short positions to highest in current year, in effect increasing total open interest in JPY. JXY has been gaining strength and it further gained strength last week on account of weak USD. We can expect some correction for JPY in short term.
4H > Currently price has faced rejection at bottom of wedge however it can still continue in its bearish trend, hence will wait for reversal confirmation. In 1H cart price has created a double bottom and we can see bearish divergence. We will use lower time frame for Long entry confirmation.
Pair Correlation > USDJPY does not have any strong correlation with any pair on daily timeframe.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
