USDJPY Weekly Technical Outlook
Although USDJPY market operation is technically disposed southwards on the monthly time frame, the bearish momentum has weakened. The March candlestick print was a long doji-like one and the April’s was equally doji-like but relatively smaller. Presently, market operation is around the 106.900 horizontal support area.
On the weekly time frame, market operation has recently been sideways but technicals still give an edge to bears. Last week, a bearish candlestick was printed which broke below the horizontal support around the 107.600 area to nestle at the next horizontal support around 106.760. Should bears maintain their market influence, we may see further southward move this week.
On the daily time frame, price action completed a 50 Fib retracement of the downward swing from 111.680 to 106.800 and is presently retesting the 106.800 area. A bearish break of the area will likely expose the 105.890 area.
I may be wrong. Trade safe and prosper.
KP
Although USDJPY market operation is technically disposed southwards on the monthly time frame, the bearish momentum has weakened. The March candlestick print was a long doji-like one and the April’s was equally doji-like but relatively smaller. Presently, market operation is around the 106.900 horizontal support area.
On the weekly time frame, market operation has recently been sideways but technicals still give an edge to bears. Last week, a bearish candlestick was printed which broke below the horizontal support around the 107.600 area to nestle at the next horizontal support around 106.760. Should bears maintain their market influence, we may see further southward move this week.
On the daily time frame, price action completed a 50 Fib retracement of the downward swing from 111.680 to 106.800 and is presently retesting the 106.800 area. A bearish break of the area will likely expose the 105.890 area.
I may be wrong. Trade safe and prosper.
KP
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