Neutral at this time, but i think main trend would run in the coming week too.
- #72,642
- Jan 14, 2018 12:39pm Jan 14, 2018 12:39pm
- Joined Dec 2015 | Status: Trader | 8,751 Posts
Here's a top-down technical perspective on USDJPY.
On the weekly time frame, last week price action broke down the sideways channel with a relatively big bearish candlestick. Price action is now located at a horizontal support around the 111.340 area. This area has held as support since late September 2017. Is it time for price action to break down the area? If bears follow through on the southward move this week, an initial target is likely to be the immediate minor support around the 110.280/108.830 area.
On the H4 time frame, price action is operating in a descending channel (bound by magenta coloured lines). Last week, price action, which has been operating above the mid-channel line (red colour) since December 7, 2017, moved below the mid-line to hug the horizontal support around the 111.340 area. The channel support is likely to be exposed for the attraction of bears. Alternatively, should bears fail in a southward follow-through move, we may see price action retrace to above the mid-channel line, perhaps with a view to retesting channel resistance.
I may be wrong. Trade safe and prosper.
KP
On the weekly time frame, last week price action broke down the sideways channel with a relatively big bearish candlestick. Price action is now located at a horizontal support around the 111.340 area. This area has held as support since late September 2017. Is it time for price action to break down the area? If bears follow through on the southward move this week, an initial target is likely to be the immediate minor support around the 110.280/108.830 area.
On the H4 time frame, price action is operating in a descending channel (bound by magenta coloured lines). Last week, price action, which has been operating above the mid-channel line (red colour) since December 7, 2017, moved below the mid-line to hug the horizontal support around the 111.340 area. The channel support is likely to be exposed for the attraction of bears. Alternatively, should bears fail in a southward follow-through move, we may see price action retrace to above the mid-channel line, perhaps with a view to retesting channel resistance.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
- #72,644
- Jan 14, 2018 11:38pm Jan 14, 2018 11:38pm
- Joined Aug 2009 | Status: Ride the Pig | 31,271 Posts
Look Sharp/Trade Tight
- #72,648
- Jan 15, 2018 12:44am Jan 15, 2018 12:44am
- Joined Aug 2016 | Status: Trader | 10,373 Posts
I am still long... but I see signs of weakness. I lowered SL to 110.40 and even this is not safe...
We need a decisive penetration of 110.90 to alter the picture. Till then don't chew your nails , crew...
We need a decisive penetration of 110.90 to alter the picture. Till then don't chew your nails , crew...
- #72,652
- Jan 15, 2018 1:52am Jan 15, 2018 1:52am
- | Membership Revoked | Joined Aug 2017 | 2,302 Posts
- #72,653
- Jan 15, 2018 1:56am Jan 15, 2018 1:56am
- Joined Aug 2009 | Status: Ride the Pig | 31,271 Posts
Look Sharp/Trade Tight
- #72,654
- Edited 3:17am Jan 15, 2018 2:44am | Edited 3:17am
- Joined Mar 2012 | Status: Trader | 1,983 Posts | Online Now
- #72,658
- Jan 15, 2018 4:58am Jan 15, 2018 4:58am
- Joined Apr 2017 | Status: trying to make money | 3,341 Posts
Don't Worry Be Happy
- #72,659
- Jan 15, 2018 5:16am Jan 15, 2018 5:16am
- Joined Mar 2006 | Status: Trade the reaction not the news! | 10,359 Posts
- #72,660
- Jan 15, 2018 5:21am Jan 15, 2018 5:21am
- Joined Aug 2016 | Status: Trader | 10,373 Posts
LOW= 110.52 fttb
I am not calling a bottom here [although it might be one...] BUT I will be a buyer at 110.73 ON STOP BIG
I am not calling a bottom here [although it might be one...] BUT I will be a buyer at 110.73 ON STOP BIG