Previous Week Update:

  • Before:

USDJPY Update.PNG

  • After:

USDJPY Update 1

·       Following Path A but markets started ranging. A breakout is likely to happen and for it to follow Path A.

Upcoming USD News:

  • Monday –
    • Core Durable Goods Orders m/m
      • Previous – -0.5%
      • Forecast – 0.4%
  • Tuesday –
    • CB Consumer Confidence
      • Previous – 117.9
      • Forecast – 116.2
  • Wednesday
    • Yellen Speaks
    • Crude Oil Inventories
      • Previous – -2.5M
  • Thursday
    • Final GDP q/q
      • Previous – 1.2%
      • Forecast – 1.2%
    • Unemployment Claims
      • Previous – 241K
      • Forecast – 240K

Monthly: The month ended with a bearish pin bar formation, and the new candle forming a bullish pin bar. Overall on the lower timeframes we have been ranging but by the end of the coming week the monthly candle will close. Keep a close eye!

USDJPY Monthly

Weekly: Bullish weekly close, closing above the UJ channel resistance. We have possible created a higher low and broke the UJ bullish flag. We can most likely see a higher high being created in the future.

USDJPY Weekly

Daily: Daily strong rejection of the re-entered bullish trendline, as there was no last kiss from the technical. Bullish flag on the daily is formed so we can most likely see a break up, but keep an eye out for which wait it breaks. We might drop down for a last kiss of the neckline of the double bottom then go up!

USDJPY Daily

H4: We formed a double bottom, and with Yellen Hawkishness and Rate hikes we broke the neckline. We have a sort of retest of the neckline at the bottom of the triangle formation + ascending triangle. Most likely, as soon as the triangle is broken we will be going up up up! Wait patiently for the break!

USDJPY H4

Overall USDJPY Analysis

  • Only thing I will say is wait for the triangle to break, UJ has been ranging and when it ranges usually there is a break out.
  • But after looking at all timeframes and the technicals it looks like we will continue up up up! 😀

Predicted movement:

USDJPY Prediction

  • I am more confident that it will go up if it stays about the neckline and breaks the triangle and ascending triangle up. +BULLISH PENANT!
  • But thing with breakouts, it can go either ways.