Previous Week Update:

  • Before:

USDJPY Update.PNG

  • After:

USDJPY Update 1.PNG

Followed B beautifully. Respected market structure but I invested my risk into Gold because the ranging took too long and the movement only gave a total of 80 pips.


Upcoming USD News:

  • Sunday
    • Fed Chair Yellen Speaks
  • Wednesday
    • Building Permits
      • Previous: -1.27M
      • Forecast: 1.25M
    • Crude Oil Inventories
      • Previous: -2.7M
    • Thursday
      • Unemployment Claims
        • Previous: 243K
        • Forecast: 245K
      • Saturday
        • Fed Chair Yellen Speaks

Monthly: We closed bullish previously but we are rejected the price level where monthly candles have been closing. At the moment it looks like rejection but it could create a wick and then go up, however, we must look at lower timeframes.

USDJPY Monthly.PNG

Weekly: Weekly closed extremely bearish and looks to have confirmed UJ as a 3rd touch and a lower high. There is a high chance of testing the lows again.

USDJPY Weekly.PNG

Daily: Strong rejection from resistance, and not at a support, I see price going back up to get some fuel then break the support to go to the lower zone as overall on all timeframes it is very bearish for now. 110.800 definitely needs a retest if it wants to continue higher so that will be a key zone to watch.

USDJPY Daily.PNG

H4: Here you can see a closer look of the support and how it broke previous support. We can most likely look to go up to retest then continue lower. All the lines I added watch closely to price action and trade according to your risk.

USDJPY H4.PNG


Overall USDJPY Analysis

USD is very bearish, news last week was bad, NFP was bad the previous week and overall market structure is showing a bear trend. We will have to wait and see how it reacts to the current support, I will be looking to sell at broken support to resistance and take it lower.


Predicted movement:

USDJPY Prediction

I see A and B happening, which I am not sure, I will watch the candles and let them tell me which path it wants to take. C is possible but I doubt it will happen. But always good to think about all different paths to keep yourself open minded and preventing you from marrying your trade analysis.


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