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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. 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
Long
by AP17FX
1
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
Long
by AP17FX
1
USDJPY 240 Pips drop expected will it reach 103.00 level ?USDPY ********* ⏳4 Hour chart 🎲 Possible entry analysis ⛳️ Possible bull/bear target 📚Educational —————-❇️——————- Detailed analysis 💬 1️⃣Clear Downtrend since July-2020 2️⃣ 104.00 Acted as dynamic support and resistance 3️⃣ Risk off mode and Rising of virus infections, US 2020 election 4️⃣ 105.00 Key psychological resistance 5️⃣ Price Movement within the broader Downtrend channel 6️⃣Counter trend line will act as resistance 7️⃣ Technical support - Bear 8️⃣ Short term bullish movement towards 105.500 9️⃣ October high Immediate resistance 🔟 DXY-awaiting US election results - Currently neutral for USDPY #️⃣ Overall bearish trend —————-❇️——————- 📉 Technical bias-H4-Bearish Below 200 Exponential moving average 200EMA acting as immediate support - Bearish trend Possible entry point-105.500 Relative strength index - Around 60 well above the neutral area MACD- Is still above the line and about to cross the line and the histogram is fading ,Oscillators are still upward Stochastic -at 75 Which is over bought territory and bearish divergence has formed in H4 Ichimoku cloud -cloud is red-Cloud Support-Bear Bollinger band- Price is around higher band-Middle band will acting as dynamic support/resistance —————-✳️——————- Key reversal area's 104.00 Key psychological level 106.150 October month high 105.500 Dynamic support and resistance 105 Key psychological level-Major key reversal area 103.00 Lower trend line reversal area 105.500 Possible entry- Bearish 105.500 Break and retest around this area-Alternative entry-Bullish —————-✳️——————- Bearish entry #USDJPY Entry price - 105.500 Take profit 01 - 104.800 (70 pips) Take profit 02 - 104.100 (140 pips) Take profit 03 - 103.100 (240 pips) 🚫 Stop lose 105.940 (45 pips) Alternative bearish entry-105.700 ( Break and retest ) ⬇️ 2.14% Growth expected ⤴️ Account growth 0.56 : 2.14 ✅ Risk reward ratio 1 : 3.8 —————-⚜️——————- Push the like button , And cheer up if you found useful
Short
by forexorbit
USDJPY Top-Down Analysis (Short then Long)Hello Traders, Here is the Top-Down Analysis of USDJPY (Monthly, Weekly, Daily for direction and 4H for entry) for Week 45 - Nov 02 M > Market is moving in a wedge with horizontal support. Price has broken through support on several occasion but has not been able to sustain the downfall facing an upward rejection. Price has broken support last week again. W > Inside the wedge we can see Bearish Trend in a downward channel. Switching to line chart we can see an M formation, its neck can be our bullish target. D > Price is now having a pull to the upside with rejection bottom wicks and last daily candle ending in a Dragonfly Doji. As per COT JPY saw closure of Long and major Short positions improving net positions however N-R added major Long and few Short positions, improving cumulative 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 improved its position during the said week and further improved it last week. We can expect a weak JPY this week. DXY is also making an attempt to improve its position. 4H > Price has been making attempts to break to the upside but impulsive bearish move is not allowing any upward push. We saw a bearish flag 2 weeks ago and last week another bearish flag was under formation. Hence we can expect a sudden drop again. However we also expect a push to the upside from monthly support. Pair Correlation > USDJPY has positive correlation with EURJPY, AUDNZD and CADJPY. Thank You AP17FX
Long
by AP17FX
USDJPY short trade re-entrythe price currently to go down and heading to the 105.05 support level, we can still ride this trend by re-entry at the retracement level. use Fibonacci retracement to find an entry-level. good luck traders! **Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions. Traders!! if you like my ideas and do take the same trade as I do, please write it in a comment so we can manage the trade together. _____________________________________________________________________________________________________________________ Thank you for your support ;) GWBFX
Short
by GWBFX
7