USD/JPY Discussion

USD/JPY is consolidating around one-and-a-half week tops, above mid-113.00s. The pair lacked any firm directional bias and seesawed between tepid gains and minor losses.

Triangle

1. entering an area of supply
2. at top of trend channel
3. breach of top of trend channel, possible OB condition which may back up a possible OB condition given by the sharp advance of price and indi.
4. hidden divergence on the CV indicator from last "major" peak (8th to 13th Nov) [although my CVBB (and OBV) shows less divergence in same H1]
5. Advance/incline from 20 Nov is not as bullish as the angle of decent from 13th Nov to 20th Nov is bearish. There is an element of bearishness to the incline from 20th nov relatively speaking.

On the H1 chart the CV indi seems to be rolling over
On D1 chart trend channel from March 18 seems to be rolling over
On W1 chart this high area since early October 18 has high volume (bearish). (Although the D1 chart shows the high volume under the recent low which is more bullish [9th to 29th Oct] )
All of which seems pretty bearish medium term, although chart looks more bullish long term in W1 zoomed out.
Think best wait and see how it reacts to the indicator trend line you have drawn, perhaps zoom in on lower time frame as it reaches critical point.
Could this be a top before a 50%ish fall to the 109.5 area? (Wyckoffians would call it a Last Point of Support)

Any critic from you Cogs greatly appreciated

60% shorting tis pair....lol

Compare 10 to 30 year and what do you see ( no scale on tradeview for one or the other hehe)

you summed it up, very nicely. As you said at this point anything could happen. Weekly is bullish, daily has consolidated, strong uptrend this week on the 4hour shows the bulls haven't given up or is it that the bears are just waiting for a second entry? UJ likes to breath, goes up some, down some. So anything can happen.

1 Hour price has remained stagnant but volume has dropped a bit, could be a sign the bears aren't winning, and the buyers remain strong. Time will tell. But again normally after a 1500-2500 point run, UJ breaths, but again price could re test the highs.

Something to add, over the past lets say 6 months, I have never seen this ratio this high of sell orders for UJ, other then early october.

If you get a chance check out the indicators, they are new, free and pretty solid at providing a MT4 feed for volume. Not sure how the volume is gathered but provides a interesting picture.

https://fxssi.com/tools/current-ratio?filter=USDJPY

i bet so many people lost at yesterday high

Looks like I was right from last week. Hit the 114.000 level . Could go up even more. But now it looks like it might form another harmonic pattern that’s bearish . Might not fully form until next week. Be careful sellers of UJ. Time to be patient and wait for the opportunity

Sure enough - this thing took a turn when it hit the down trend line...

Trade with daily candle color at first line met.

USD/JOY is technically neutral in the four hours chart with technical indicators having retreated from oversold readings but holding nearby, and the price developing above all of its moving averages. Beyond 114.05, the pair has room to extend its advance up to 114.54, October high, while bulls could give up only on a break below 113.20.

Master Yoda,

For one of the charts, i am unable to opt for "No Scale", but what it looks like is they both look alike, one mirroring the other, so using one is as good as using the other?

Thanks

Got a perfect bat bullish harmonic pattern . Got my TP set for about 20 pips .

Exactly 10 and 30 year below

TP hit May continue to go lower but I would take my profits for now and wait for a new pattern to form

Short-term Buy USDJPY at 113.1x -113.2x
Tp 114.4x
Sl 112.60
Tp mid-term 118.0x
Tp long-term 125.0x

UJ

I have too