GAP Providing Support for USD/JPY

The Federal Reserve raised interest rates yesterday. A headline from Yahoo said that the U.S. Dollar "SHRUGGED" at that news. Well, looking at this chart , it's clear that the USD/JPY pair is consolidating at present levels. The thick red line emphasizes the GAP that occurred back in April and that attempts to breach that support level have been met with recent resistance. All of the recent closes gong back to June 6th have been above the gap.

Present price action is also worth keeping an eye on. The squared off region, as it stands now would be a bullish engulfing pattern indicating that price would rise. However, the 21 period EMA is sitting right above recent price. I will be watching this pair with interest. For a long position, I want to see a close above the 21 period EMA. The price action after that close will tell me if I'll go long. I'll specifically look for a retest of support along that EMA on a lower time frame, such as a 1 or 4 hour chart. A successful defense of the EMA will initiate a long on a break of 110.82, with a target of 115.00.

The blue lines represent a symmetrical move from the previous uptrend swing as compared to the present possible uptrend swing. It's provides me an idea of where price could go...It's not a set- in-stone deal for me. Carolyn Boroden uses symmetry projections in her analysis. She is known as the Fibonacci Queen This isn't an endorsement of her methods, just an FYI for further research on your part, should you be so interested.

Of course, should the DOWNTREND stay intact, a break of 108.80 will provide a short opportunity.
Thank you for reading this idea. I appreciate any constructive comments.

KennTrade