Before:

USDJPY Update.PNG

After:

USDJPY Update 1.PNG

Paths were not followed as we hit critical levels and price was just moving sideways. There is no clear direction yet on where price wants to go. As we have created and lower high but also we created a triple bottom rejection the support area.


Upcoming USD News:

  • Tuesday
    • Monetary Policy Statement
    • BOJ Outlook Report
    • BOJ Press Conference
  • Wednesday
    • Crude Oil Inventories
      • Previous: -6.9M
  • Friday
    • Advance GDP q/q
      • Previous: 3.2%
      • Forecast: 3.0%
    • Core Durable Goods Orders
      • Previous: -0.1%
      • Forecast: 0.6%
    • BOJ Gov Kuroda Speaks

Monthly: Monthly has picked up lots of bearish momentum. I will not be surprised if we close monthly by filling the wicks on the lower side but of course it hasn’t closed and we have no indication just yet. We will have to drop down to the lower timeframes.

USDJPY Monthly.PNG

Weekly: USDJPY weekly closed with a weak bearish candle, and there is strong confluence with another retest of the broken trendline and a possible 3rd touch on the upward trendline, plus there is a strong technical and psychological support. However, there is no confirmation on the weekly unless the next closes bullish, so we will have to drop onto the lower timeframes.

USDJPY Weekly.PNG

Daily: Daily you can see that we don’t have any indication of a reversal at the zone we are at, instead we retraced and are dropping back down, where the lower area of support is a possible target.

USDJPY Daily.PNG

H4: On H4 we can see that we created a lower high but did not create a lower low, instead we seem to be forming a triple bottom, which adds confluence to the EURUSD analysis that shows a triple top.

USDJPY H4.PNG


Overall USDJPY Analysis

There are mixed signals with what is going on the in markets, also with the possible US governmental shutdown news over the weekend we should have a gap. I will be personally be simply waiting on the H4 timeframe for a confirmation, if not then the whole week I am not trading. Mixed signals = monthly says bearish, weekly says weak bearish with strong bullish confluence, daily says bearish, and H4 saying possible bullish run.

Be patient, and snipe your trade.


Predicted movement:

USDJPY Prediction

The paths this week is just an idea as always to see where it could possible go. I highly doubt this week any of my paths will be followed and we are ranging and I am waiting for a breakout for a continuation or a reversal.