USDJPY

Previous Week Update:

  • Before:

UJ Update

  • After:

USDJPY Update 1

The previous week I was wrong with my analysis, UJ weakened dramatically after reaching a strong resistance with the Yellen News on Wednesday and further plummeted after retesting the broken trendline with the news. We should see a retest of 112.500 before a continuation lower to 111.200.

Upcoming USD News:

  • Wednesday
    • Building Permits
      • Previous: 1.17M
      • Forecast: 1.20M
    • Crude Oil Inventories
      • Previous: -7.6M
  • Thursday
    • Unemployment Claims
      • Previous: 247K
      • Forecast: 245K

Monthly: Monthly filled the wick of the left and has retraced, it is still possible to go further up as on the lower timeframes it may be retesting a broken bulling flag resistance. Will have to be patient and see how this week closes.

USDJPY Monthly

Weekly: Strong Bearish close, there was double top but it closed after testing the broken trendline. Will have to wait and see on the lower timeframes to see if it wants to continue lower or bounce back up.

USDJPY Weekly

Daily: Daily was a double top rejection off a strong resistance and closed after retesting the broken trendline, but the momentum is very bearish and looks to go lower to test neckline or create a higher low.

USDJPY Daily

H4: Going closer into H4 we can see the formation that I was explaining on the larger timeframes, all that is left to do is wait for the H4 to form a few more candles but I see a retest of 112.500 and a continuation lower, must wait and see.

USDJPY H4

Overall USDJPY Analysis

  • Yellen = Bullish USD
  • Data = Weak USD
  • Technicals = depends on this trendline, break or bounce.
  • Price action, wait and snipe!

Predicted movement:

USDJPY Prediction

  • All of them are likely since I believe USD does not know exactly where it wants to go with the biases going around USD. I see more of a bearish UJ if it breaks down under the trendline and follow path A.
  • Just keep an eye out how price action moves and take trades accordingly.