Previous Week Update:

  • Before:

USDJPY Update.PNG

  • After:

USDJPY Update 1.PNG

Dropped down close to 110.800 support then started to follow path D. However, Path D is not complete and may be complete in the coming week.


Upcoming USD News:

  • Tuesday
    • ISM Non-Manufacturing PMI
      • Previous: 60.1
      • Forecast: 59.2
  • Wednesday
    • ADP Non-Farm Employment Change
      • Previous: 235K
      • Forecast: 191K
    • Crude Oil Inventories
      • Previous: -3.4M
  • Thursday
    • Unemployment Claims
      • Previous: 238K
      • Forecast: 241K
  • Friday
    • Average Hourly Earnings m/m
      • Previous: 0.0%
      • Forecast: 0.3%
    • Non-Farm Employment Change
      • Previous: 261K
      • Forecast: 200K
    • Unemployment Rate
      • Previous: 4.1%
      • Forecast: 4.1%

Monthly: Monthly candle closed and was an engulfing of the previous candle so it can potentially go down to test the bottom triangle support.

USDJPY Monthly.PNG

Weekly: We closed with a bullish engulfing which when I draw a trendline it shows that may be a retest of the broken trendline. So, we can possibly go up to previous highs.

USDJPY Weekly.PNG

Daily: Daily does not really show anything in my opinion but I see a strong resistance at 112.900-113.00 as a very strong resistance which can possibly create the right shoulder of our H&S formation. In addition, we created a lower low and we need a lower high on the daily.

USDJPY Daily.PNG

H4: I marked most of my analysis on the chart below, but as you see with market structure it is possible that we have created a higher low after breaking previous lower high and creating a higher high. We will need to let markets play out before anything else happens.

USDJPY H4.PNG


Overall USDJPY Analysis

I don’t really see any direction for the USD, firstly we have NFP then we have Fed Rates = volatility and then we have holidays. If you just go left and look at previous year during December you will see that we range during December because of the low volume. So, I am mostly waiting till January before taking any trades.


Predicted movement:

USDJPY Prediction

I see more of an up move for this week but I am usually always wrong with my paths during NFP week, so I am just going to wait and see what market structure and price action create whilst considering my paths that could occur.

IN Addition!

On my website and telegram, I have announced that I will be taking 5 new students in February. For details please check the “Mentorship” tab. Looking forward to the applicants 😊.