Multi timeframe analysis on YEN vs USD
here is my take on this pair on 3 different time frames :
Monthly :
We hit a major trend line dating back to 2002. Considering this pair has been a bull since 2012. what we see here is basically a pull back that took place from 1/7/15 till today. if by any chance we break the trend line, then this pair shall be officially bearish and may go back to 2012 low''s. We also just got out of RSI oversold position. I doubt we are going to visit it again. my take is bullish unless we break the trend line.
Daily :
We have a small trend line break out, which is already broken in 4hr time frame and a bigger trend line which am expecting the price go to. Based on the analysis on the monthly, we should break the bigger bigger trend line too. but till we reach there I will remain bullish and watch for price action. We are also just getting out of oversold RSI territory and MACD shows bullish signs.
4hr : Minor trend line is broken, expecting a small pull back and movement to the upside at least to 107.450
This is just a analysis and my take on this pair, please do your own research before taking any positions or even considering to do so.
Monthly :
We hit a major trend line dating back to 2002. Considering this pair has been a bull since 2012. what we see here is basically a pull back that took place from 1/7/15 till today. if by any chance we break the trend line, then this pair shall be officially bearish and may go back to 2012 low''s. We also just got out of RSI oversold position. I doubt we are going to visit it again. my take is bullish unless we break the trend line.
Daily :
We have a small trend line break out, which is already broken in 4hr time frame and a bigger trend line which am expecting the price go to. Based on the analysis on the monthly, we should break the bigger bigger trend line too. but till we reach there I will remain bullish and watch for price action. We are also just getting out of oversold RSI territory and MACD shows bullish signs.
4hr : Minor trend line is broken, expecting a small pull back and movement to the upside at least to 107.450
This is just a analysis and my take on this pair, please do your own research before taking any positions or even considering to do so.
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we faced a higher degree of correction overnight, but its all over now, expecting upward movement from here and on
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took longer then expected, but we finally broke at in 4hr time frame
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I recently took a new long position on this pair, i will update this chart with a new one.