Previous Week Update:

  • Before:

USDJPY Update.PNG

  • After:

USDJPY Update 1.PNG

Followed path B beautifully. Did not hit 110.800 yet, but I see a retest of broken support then continue to 110.800.


Upcoming USD News:

  • Tuesday
    • CB Consumer Confidence
      • Previous: 125.9
      • Forecast: 123.9
    • Wednesday
      • OPEC Meetings
      • Prelim GDP q/q
        • Previous: 3.0%
        • Forecast: 3.3%
      • Fed Chair Yellen Testifies
      • Crude Oil Inventories
        • Previous: -1.9M
    • Thursday
      • Unemployment Claims
        • Previous: 239K
        • Forecast: 241K
    • Friday
      • ISM Manufacturing PMI
        • Previous: 58.7
        • Forecast: 58.4

Monthly: Monthly is very bearish, the candle closes this coming week. So, if we close with a strong bearish candle I see us going down to fill the wicks and touching the triangle support.

USDJPY Monthly.PNG

Weekly: We closed with a bearish candle and under the previous support, so I clearly see 110.800 getting touched easily, and possibly 110.300.

USDJPY Weekly.PNG

Daily: Daily as you see we closed under the support level of 111.800 but I see 112 being possibly tested as well. Just need to watch price action and see for exhaustion to confirm a retest of broken support.

USDJPY Daily.PNG

H4: Here you can see closely in detail why I see 112.00 and 111.800 as a possible retest before continuing lower to a possible target of 110.800. We need a lower high + retest to confirm continuation lower to our target.

USDJPY H4.PNG


Overall USDJPY Analysis

USD has been dramatically weakening, I see 110.800 being hit but I don’t see it break that price zone until NFP. I see it hitting that zone then we will be ranging and have a break out for NFP. But that is just my opinion.


Predicted movement:

USDJPY Update

As explained above, I see a retest of the levels of 111.800 + 112.00 (A+B) and then continue lower but also a possibility of going to path C, which will allow us to create a lower high on the daily timeframe.

 

IN Addition!

I am looking to have a new intake of students after New Years, so to all who are interested, please look at the mentorship page and start sending your applications and I will review and confirm with you after January 18th.