Here is a weekly technical perspective on USDJPY.
The pair has maintained a southward disposition for a very long time. On the weekly time frame, price action respected an outer descending trendline (chocolate) from the high of August 1998. It was later rejected southwards to respect an inner descending trendine (navy colour) from the high of 2002. After a retracement just above the 61.8 Fib zone of that trend in December 2016 and January 2017, price action is bearing south but an ascending trendline (chocolate colour) from the low of September 2012 is holding as support. Recent price action is within a weekly support zone and the technicals on the weekly time frame are mixed, suggesting a further period of consolidation even though the overall outlook is southwards. A close below the immediate support on the weekly time frame is likely to expose the 107.320 handle, which adjoins the 50 Fib zone. As the most recent price action suggests a further bullish move or consolidation, price may move upwards to retest a minor descending tendline (magenta colour) before turning southwards.
I may be wrong. Trade safe and prosper.
KP
The pair has maintained a southward disposition for a very long time. On the weekly time frame, price action respected an outer descending trendline (chocolate) from the high of August 1998. It was later rejected southwards to respect an inner descending trendine (navy colour) from the high of 2002. After a retracement just above the 61.8 Fib zone of that trend in December 2016 and January 2017, price action is bearing south but an ascending trendline (chocolate colour) from the low of September 2012 is holding as support. Recent price action is within a weekly support zone and the technicals on the weekly time frame are mixed, suggesting a further period of consolidation even though the overall outlook is southwards. A close below the immediate support on the weekly time frame is likely to expose the 107.320 handle, which adjoins the 50 Fib zone. As the most recent price action suggests a further bullish move or consolidation, price may move upwards to retest a minor descending tendline (magenta colour) before turning southwards.
I may be wrong. Trade safe and prosper.
KP
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