USDJPY (Last Week –> This Week)
Monthly: Extremely Bearish –> Bullish Pin Bar
Weekly: Ended the week with a bullish doji candle –> Strong bullish candle
Daily: Rejection off the 109.400 resistance, week with strong daily bulls. (111.700 strong Resistance)
H4: Ranging between 111.700 – 111.000 (Possible Double Top)
Overall USDJPY Analysis
- Because of the Trump tax reforms and French elections, we have seen a bullish dollar even though the fundamental data has been weak. I believe it will continue being bullish until NFP and it will drop. BUT WHO KNOWS!
- https://www.investing.com/analysis/gaps-left-unfilled-but-usd’s-still-vulnerable-200186050 (READ for a nice overview of previous week, I do love Kathy)
- As said last week, we need to create a lower high on larger timeframes to keep it looking sexy, and that’s exactly what happened.
- I for some reason was shorting because of greed and stupidity even though my analysis said buy buy buy. So, go with what you see instead of your feelings.
- Watch closely for a breakout upwards of 111.700 or downwards of 111.000. as we are in consolidation and a possible double top is forming.
- However, with daily candle closes, we see that bullish momentum is still intact, so we will most likely head up higher.
- Path A B C D shown above.
- Most likely the path B will come into play as I believe we need a retest of some sort to gain liquidity and continue to the weekly channel resistance.
- ALWAYS KEEP AN OPEN MIND