USDJPY: This is a key level

FX:USDJPY   Dolar U.S/ Yen Jepun
Dilihat 5304 kali
5304 10
Major tug of war happening at this key juncture. The USDJPY is testing a key horizontal resistance and clear ceiling for the sideways range between 108-114.50.

The recent slowdown in upside momentum might be normal at this confluence of 114.50 horizontal resistance and the long term falling trend line . However, the level could be pivotal to the direction of the pair in the coming period.

The price could be forming a rising wedge amid falling momentum on RSI .

While all of the above technical reasons does not guarantee a reversal, it should be considered for a short position.

  • Aggressive traders can go short with a stop above that resistance area , for good downside potential. With First quick target at 113.10, and a second target around 111.75.

  • In the case that the price breaks and close a daily candle above 114.50, that would be another scenario and also can be traded to the upside. Targeting 115.50, then 118.00.

Trade with care

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Ei Technician. You are one of the trader that I respect and I follow mostly. In this case, don't you think that we are simply in a correction after an impulse, and we will see another impulse near 117 area? Nice work as usual! My one is only a confrontation.
Like your sound analysis
Thanks mates for your comments.
+2 Balas
Thank you! Great!
thank you for your sharing your analysis
Very possible a break upwards and then the real rejection down.
+1 Balas
thank you for your clear analysis. No BS with you i like that
Thanks for the great analysis once again!
Thanks for the wonderful analysis! Love it!
Thanks for the great analysis!
please keep sharing, i like your ideas.
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