USD/JPY
Monthly and Weekly Areas of Resistance
Next area of resistance is at 100.70 - 101.70 from a weekly and monthly perspective. However, price hasn't stopped at any other areas of resistance during the past 6 months or so. Refer to the monthly and weekly charts as I've drawn out some areas of support / resistance.
If we close above 101.70ish on a weekly basis then I see 110 as the next stop for USD/JPY.
1st Target: 100.70 - 101.70
2nd Target: 110.00
Obviously there will be buying and selling on the way to 110.00 depending on a persons trading style, but overall trend is definitely UP.
One thing we need to keep in mind is that even though areas of support / resistance exist, price action at those levels is the actual guide and tells us whether or not to Buy or Sell at those levels. I personally like to wait for D1 MACD to point me in the right direction and use H1 Williams % to enter new positions.
Monthly and Weekly Areas of Resistance
Next area of resistance is at 100.70 - 101.70 from a weekly and monthly perspective. However, price hasn't stopped at any other areas of resistance during the past 6 months or so. Refer to the monthly and weekly charts as I've drawn out some areas of support / resistance.
If we close above 101.70ish on a weekly basis then I see 110 as the next stop for USD/JPY.
1st Target: 100.70 - 101.70
2nd Target: 110.00
Obviously there will be buying and selling on the way to 110.00 depending on a persons trading style, but overall trend is definitely UP.
One thing we need to keep in mind is that even though areas of support / resistance exist, price action at those levels is the actual guide and tells us whether or not to Buy or Sell at those levels. I personally like to wait for D1 MACD to point me in the right direction and use H1 Williams % to enter new positions.