UJ daily candle is still in the cloud, doing sideways (ranging). The support is still around 112.5x. Noticed the cloud would be twisted on the right of the chart. After a kumo twist, the cloud would be bearish. it might be a long process. This pair could pull back up to 114 again. Just a reminder, News about the interest rate hike will be from FOMC tomorrow.
112.0x was tested and held nicely. Likely, UJ would move between 112 and 114 on Friday to close up the weeky. Pls mind the long lower shadow of the daily candle.
Noticed that the daily kumo has been twisted and bearish
Komen
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UJ keeps making lower high and lower low. But noticed the conversion line moves slowly. Likely, this pair could do sideways between 110.6x and 112.7x so that the conversion could catch up. Or UJ could go to 113.4x to meet the conversion line. In my opinion, either of these two scenarios wouldn't change the downtrend. If UJ doesn't get rejected by the conversion line, hmm.....the current trend may be getting weak....
It looks like 111.5x still could be a target. If the support holds, we could see a rally. Otherwise, the next support would be around 110.6x ~ 110.9x, a lower low.
111.5x is still a factual low so far. With the cloud breaking out, UJ becomes bullish. Let's see how good NFP would be tomorrow (March 10th). It could send UJ up to 116~117, or back down to 113.3x
UJ got rejected around 115.5x on March 10th and tested the support 110 on March 27~28th. Expect this pair would go 112.8x, where the base line is located.
Apparently, UJ has been showing weakness. This pair would still get a chance to test 109.8x ~ 110.6x. But the further down could go around 107.1x. Happy trading!
On the daily, there would be a resistance around 114.3x, where UJ got rejected on Friday. Expect it would be tested again this week. If it breaks out, the next resistance should be 115.5x. A decent divergence may be seen at that moment.