DislikedWhen I first came into FX, I thought this pair would be the most commonly traded pair, but of course, I was wrong. Nonetheless, I still thought this pair would be more commonly traded.. We're below 111.50 again...bears may start attacking again. Won't be surprised to see it close in low 30s region. Cheers to all.Ignored
{quote} Based on your chart, there seems to be an upward channel. Not perfect thou, thats what made me slightly confused. On my chart, the swing low you have predicted is roughly where my 200ema is. That might provide an area of support. Also partly why Im curious as to your reasoning is my desire for constant learning. Heh Hope you dont mind sharing!
{quote} Still the 107 area... https://open.spotify.com/album/4Jt8iPTcPj2Ev08hJ6Fg2J https://youtu.be/ol0-D-K7pKc
- #64,948
- Apr 2, 2017 3:45pm Apr 2, 2017 3:45pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
If you would like to trade USDJPY this week, consider this technical perspective.
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 trendline (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 trendline (magenta colour) before turning southwards.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
- #64,956
- Apr 3, 2017 1:56am Apr 3, 2017 1:56am
- Joined Aug 2009 | Status: Ride the Pig | 31,271 Posts
Look Sharp/Trade Tight
