USDJPY ON 1 HOUR TIME FRAME PRE NON FARM PAYROLL ANALYSIS
I have identified a downtrend channel after a Bullish run to 0.786 on the Fibonacci retracement tool.
we have gone to see a DOUBLE TOP formation but with no further success at 111.500 this area I had identified as a strong resistance area for the USDJPY pair.
yesterday we saw a strong YEN over the Dollar that saw price drop from 111.340 down to 110.540, this was a very sharp drop and a GREAT AMOUNT OF VOLATILTY.
this morning we have seen rejection at 110.540 with some Bullish movement to the upside and should we see Rejection off this level I anticipate a short position back to the area of support which is 110.540
to go deeper in analysis the average retrace on this pair is 300 pips before the market changes direction.
at 0.382 wee a EVENING STAR or INVERTED HAMMER that has been rejected off the Fibonacci Retracement Tool.
we have a Non Farm Payroll reading this afternoon and should exercise some patience when it comes to this pair
we have gone to see a DOUBLE TOP formation but with no further success at 111.500 this area I had identified as a strong resistance area for the USDJPY pair.
yesterday we saw a strong YEN over the Dollar that saw price drop from 111.340 down to 110.540, this was a very sharp drop and a GREAT AMOUNT OF VOLATILTY.
this morning we have seen rejection at 110.540 with some Bullish movement to the upside and should we see Rejection off this level I anticipate a short position back to the area of support which is 110.540
to go deeper in analysis the average retrace on this pair is 300 pips before the market changes direction.
at 0.382 wee a EVENING STAR or INVERTED HAMMER that has been rejected off the Fibonacci Retracement Tool.
we have a Non Farm Payroll reading this afternoon and should exercise some patience when it comes to this pair