The Japanese central bank meeting has brought a halt to the rally in the counter.
Technically, the pair has broken its bullish trendline.
It also failed to hold the breakout of a critical resistance of 111.805.
So, the resistance is back into play and the broken trendline will add to the woes of the bulls.
Hence, we expect the pair to be bearish and move to the...
The US dollar is coming under pressure against the Japanese yen currency following a fake technical breakout above the 112.00 level. The intraday sentiment towards the USDJPY pair remains bearish while price trades below the 111.60 support level. Overall, the next large directional move in the USDJPY is likely to come after the release of first quarter GDP from...
As we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=111.7.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: S1=111.35.
TP4: S2=111.25.
Set the stoploss of these orders at breakout of R2=111.8.
Stop and reverse:
If trend gets reversed, buy (stop) orders will be opened at breakout of...
The US dollar has fallen back towards its weekly pivot point against the Japanese yen currency after buyers failed to move price above the 112.00 level. The move lower is currently seen as a technical correction, as bulls have been able to maintain the USDJPY pair above the pivotal 111.68 level. The inverted head and shoulders pattern on the four-hour time frame...
This pair is indicating it will high likely move in side way pattern , the internal structure also indicate its moving 3 wave pattern and it will remain in the side correction
and the pull back from recent low shows strong response so i am not looking any deep corrective pattern in this pair
One can look for trading with this range , slightly up or down move...
Price is currently below trendline heading towards support zone price 110.934 When price reaches expect retracement around same zone price to test trendline or resistance 111.863
Long-term daily timeframe
USDJPY Analysis: Price is currently above trendline heading towards resistance zone price 111.863 When price reaches expect slight retracement around same resistance price Long-term daily timeframe
A rare occurrence -- Triple top pattern, in the 15-min chart of USD/JPY.
It also crossed the critical support of 110.424.
Hence we expect the pair to pare down its gains and move south from here.
The rally of the year -- 500 pips upward movement -- was merely a corrective wave (wave 4) of the bearish cycle.
The break of the ascending channel implies that the wave 4 has completed and wave 5 has commenced.
Hence, we expect the pair to trade with bearish bias from now.
