Home Markets News Weather

Is USDJPY Headed Higher?

« Go Back

Good day everyone!


In today's post I want to take a look at USDJPY more closely which I believe has a very interesting pattern unfolding since last week. What really caught my eye is that move up from 108.80 area that occurred for a second time from that important Gap Zone made in April. These gaps will normally act like a magnet to be filled, and once they are a new turn may occur. And this is exactly what we see on 4h chart. In fact, bounce occurred very aggressive from 108.80 last week and took out a channel resistance line connected from 114.37. Normally that’s indication of a change in trend, so I expect higher USDJPY especially if we consider the Elliott Wave look which shows a potential completion of a corrective set-back from May high. Reason for a bullish view is also an impulsive bounce on hourly chart which shows nice zone of support for this week around 110.00-110.50 zone.

If you want more updates daily on different markets (FX, GOLD, OIL, SILVER, BITCOIN) then now can be your chance.
Get 50% discount on first 2 months. -->
https://ew-forecast.com/

2for1

USDJPY, 4H

USDJPY, 4H

Disclosure: Please be informed that information we provide is NOT atrading recommendation or investment advice. All our work is for educational purposes only.

« Go Back

Real-time Login
     Get Real-time Data
Edit Preferences      Refresh:   On   Off