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USDJPY: Break Above of Falling Trendline amid Strong ReboundUSDJPY is about ready for a fresh new bullish trend after a hawkish FOMC. The price saw itself surging as it rebounded off from a key demand zone supported by a 4-month rising trendline and after the completion of an ABCD pattern. The price has now closed above the falling trendline and stands above the previous high of 111.55, thus affirming a new bullish trend to carry on. The price is now in the process of consolidation before the next bullish wave. For a long position, we will wait patiently for the price to retrace below 111.40 to 111.20. A stop loss just below the previous low of 111.03 should be sufficient, provided the retracement completes without any signs of strong selling pressure.
by AlgoVenture
USDJPY: ABCD in Progress Towards Key Demand ZoneUSDJPY came down strongly after a fake breakout of 112 since last week. We can clearly see a falling channel is forming since the first wave of bearish movement has ended and as the second wave is still in progress. In an ABCD pattern, it is important to watch for the break of point C before we can conclude that it is able to form D and that's what's happening now. So let's wait patiently for the price to complete the ABCD pattern as it enters the key demand zone around the price of 111, sitting on a 4-month rising trendline. This demand zone is strong also due to the fact that many sellers might have been trapped after the breakout of a falling channel in 11th April.
Long
by AlgoVenture
USDJPY LOOKING GOOD FOR BULLS!USDJPY is showing some great bullish potential and is currently consolidating ( trading sideways) and creating bullish divergence. I will be looking for a bearish retracement of 50% of the bullish impulse move ( point 1 to point 2). Should price moved towards this zone, I will be going long with 1% capital risked. Considering price is consolidating as such, there is a possibility that price may re- test the trend line and go long from there. I will update my analysis accordingly. SL (Red line) - Should price move to this zone my edge will be invalidated. TP (Green line) - Take profit is set at twice the length of the retracement thus creating an opportunity with a 1:2 Risk to reward.
Long
by Malika_Analysis
2
USDJPY Breaks Short-Term Resistance, But Short Trade OvercrowdedWe've seen a huge risk-off shift in sentiment over the past few trading days stemming back from last Friday that saw many safe haven assets like the Japanese yen strengthen. There's many reasons why this is including ongoing concerns of a global growth slowdown, signals of recession such as the yield curve inversion, and thematic concerns lurking in the background such as the ongoing trade war between the United States and primarily the Chines but really with the rest of the world. Short-term support was broken with the yen on Friday and no rebound occurred yesterday or as of yet today in trading to get back above that line. Moreover, our bull/bear market indicator suggests the yen is now trending bearish while price action continues to fluctuate below the 200 day moving average. However, there are signs that a short-term uptrend could occur. This evidence mainly lies in two oscillators and a bit in sentiment. First, CCI asserts that we are fairly close to oversold territory. However, this signal was stronger on Monday morning and has since receded. More convincingly, the sentiment indicator from Madrid suggests we are in an overcrowded sold environment. Contradicting this is data from IG via DailyFX also suggests that traders are net long and that the contrarian trade is already a bit overdone with signals that sentiment is mixed. Here's that data: www.dailyfx.com Overall, this is difficult trading territory fundamentally and technially. While a good amount of evidence suggests we are a bit overdone in shorting dollar/yen technically, the fundamentals and the potential continued trend of global growth slowdown suggest that in the medium- to long-term that price action will flirt with much lower price levels than what investors are currently witnessing. For price targets, 105 remains a psychological barrier to overcome that the flash crash of January tested. Movement to this level is clearly not in the cards in the short- or medium-term as fluctuations between 108.50 and 111.90 are much more realistic. For more analysis on the yen and other related issue, check out www.anthonylaurence.wordpress.com
by WhiskeyTangoFoxtrot3