Looks like the price of usd/jpy may go up even higher for the following reasons:
first and most importantly we note that price has created a descending triangle, a pattern indicating usually being a strong signal for bullish movement to begin
The RSI has pushed above 50%
I had sent the idea to my students before posting this so take profit one has already been hit however we still are expecting a pull back to the area circled in red that could be your entry point as it matches the support and 4H - Daily trendline. if market continues to move bullish and does pull back to the red circle. look for retracements then enter.
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fundamentals
THURSDAY, JANUARY 6
23:30
JPY Overall Household Spending (YoY)(Nov)
JPY Tokyo Consumer Price Index (YoY)(Dec)
JPY Tokyo CPI ex Food, Energy (YoY)(Dec)
JPY Tokyo CPI ex Fresh Food (YoY)(Dec)
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FRIDAY, JANUARY 7
13:30
USD Average Hourly Earnings (MoM)(Dec)
USD Average Hourly Earnings (YoY)(Dec)
USD Average Weekly Hours(Dec)
USD Nonfarm Payrolls(Dec) (NB!!)
USD U6 Underemployment Rate(Dec)
USD Unemployment Rate(Dec)
first and most importantly we note that price has created a descending triangle, a pattern indicating usually being a strong signal for bullish movement to begin
The RSI has pushed above 50%
I had sent the idea to my students before posting this so take profit one has already been hit however we still are expecting a pull back to the area circled in red that could be your entry point as it matches the support and 4H - Daily trendline. if market continues to move bullish and does pull back to the red circle. look for retracements then enter.
-----------------------------------------------------------------------------------------
fundamentals
THURSDAY, JANUARY 6
23:30
JPY Overall Household Spending (YoY)(Nov)
JPY Tokyo Consumer Price Index (YoY)(Dec)
JPY Tokyo CPI ex Food, Energy (YoY)(Dec)
JPY Tokyo CPI ex Fresh Food (YoY)(Dec)
-----------------------------------------------------------------------------------------
FRIDAY, JANUARY 7
13:30
USD Average Hourly Earnings (MoM)(Dec)
USD Average Hourly Earnings (YoY)(Dec)
USD Average Weekly Hours(Dec)
USD Nonfarm Payrolls(Dec) (NB!!)
USD U6 Underemployment Rate(Dec)
USD Unemployment Rate(Dec)
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