Previous Week Update:

  • Before:

USDJPY Update.PNG

  • After:USDJPY Update 1
  • Followed Path A beautifully, not to the pip but the overall idea is still intact. Looking beautiful for a bullish week to follow!

Upcoming USD News:

  • Monday –
    • ISM Manufacturing PMI
      • Previous: 54.9
      • Forecast: 55.0
  • Thursday
    • ADP Non-Farm Employment Change
      • Previous: 181K
      • Forecast: 253K
    • Unemployment Claims
      • Previous: 253K
      • Forecast: 181K
    • ISM Non-Manufacturing PMI
      • Previous: 56.9
      • Forecast: 56.6
  • Friday
    • Average Hourly Earnings m/m
      • Previous: 0.2%
      • Forecast: 0.3%
    • Non-Farm Employment Change
      • Previous: 138K
      • Forecast: 175K
    • Unemployment Rate
      • Previous: 4.3%
      • Forecast: 4.3%

Monthly: Monthly closed strong bearish candle. Strong rejection wick, and looking to fill the top side wick as a first target.

USDJPY Monthly

Weekly: Very strong bullish candle close with nice liquidity wick to fill, which should carry on to test the highs on the left and most likely create a higher high. WICKS DON’T LIE. ❤

USDJPY Weekly

Daily: We broke out of the resistance and then came back to retest the support (previous resistance). Which indicates a clear move up to fill wicks and hit my first target. If market opens at support I am buying.

USDJPY Daily

H4: Here we can see a clearer retest of the broken resistance to support. The only bias for a bearish move is the Head and Shoulders formation forming. However, even if it does form, I doubt we are breaking the neckline as the larger timeframes all show a strong bullish move to come.

USDJPY H4

Overall USDJPY Analysis

  • When analyzing all timeframes, I see a very strong bullish move to come. Besides the possible H&S that is forming on the H4 we are most likely going to head up.
  • In addition, with previous NFP being at 138K, which is low, the current Forecast can and will most likely hit target, but it is a fair big jump to go from 138K to 175K. So please keep an eye out.
  • However, if we do get a bullish NFP, we are going to test the highs and create higher highs in the long run.
  • Keep your risk management strong this week, as NFP week it can play games if you want to swing.

Predicted movement:

USDJPY Prediction.PNG

  • Path A and B is what I am looking for, but if the H&S breaks the neckline and the trendline, we will come for a retest before continuing lower. But path C is very very unlikely to occur.