Possible Outlook for USDJPY
What's good everyone?
I'm trying something a little different these next few weeks.
I'm only going to focus on UJ, EJ, and EU as my trading pairs to gain a solid understanding of these 3. So let's start with eveyone's bae, UJ!
- Weekly
Over the last couple of years price has been in forming a Bullish pennant pattern. Creating higher lows and finding resistance around 113.750 and 115.00. Price is currently sitting above Kumo, so we could expect more bullish movement.
- Daily
Price has broken a major trend line and has bounced off of the overall trend that was created on the weekly.
Price has also broken 110.00 and it appears to be on its way to 112.500.
- 4H/1H
We could be looking for buy opportunities based off of the channel drawn.
Price is currently sitting far away from the Kumo and Kijun. We could expect a pullback to Kijun, or 111.250, and a continuation of the uptrend. Depending on how price reacts at the top of channel we could see a possible selling opportunity.
I'm trying something a little different these next few weeks.
I'm only going to focus on UJ, EJ, and EU as my trading pairs to gain a solid understanding of these 3. So let's start with eveyone's bae, UJ!
- Weekly
Over the last couple of years price has been in forming a Bullish pennant pattern. Creating higher lows and finding resistance around 113.750 and 115.00. Price is currently sitting above Kumo, so we could expect more bullish movement.
- Daily
Price has broken a major trend line and has bounced off of the overall trend that was created on the weekly.
Price has also broken 110.00 and it appears to be on its way to 112.500.
- 4H/1H
We could be looking for buy opportunities based off of the channel drawn.
Price is currently sitting far away from the Kumo and Kijun. We could expect a pullback to Kijun, or 111.250, and a continuation of the uptrend. Depending on how price reacts at the top of channel we could see a possible selling opportunity.
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