The USDJPY has been on a parabolic rise since March 08 with the 1D MA50 (blue trend-line) supporting the whole move. In fact the most recent rally came on the May 30 1D MA50 rebound. The overall long-term pattern is a Fibonacci Channel but the most important level to consider next is the 135.100 Resistance which is the January 2002 High. Indeed that is a 20 year old Resistance level but macro-wise, the market psychology is very tied to such levels.
A rejection there, should make the pair turn sideways long-term in the same manner as April - September 2021. A 1D candle close above it though, should see us test the next Fibonacci extensions in line, the 3.5 and 4.0 ext. The 1D MACD is on a Bullish Cross and that technically favors the bullish trend, at least on the short-term.
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A rejection there, should make the pair turn sideways long-term in the same manner as April - September 2021. A 1D candle close above it though, should see us test the next Fibonacci extensions in line, the 3.5 and 4.0 ext. The 1D MACD is on a Bullish Cross and that technically favors the bullish trend, at least on the short-term.
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** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.