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 also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
כתב ויתור
המידע והפרסומים אינם מיועדים להיות, ואינם מהווים, ייעוץ או המלצה פיננסית, השקעתית, מסחרית או מכל סוג אחר המסופקת או מאושרת על ידי TradingView. קרא עוד ב־תנאי השימוש.
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
כתב ויתור
המידע והפרסומים אינם מיועדים להיות, ואינם מהווים, ייעוץ או המלצה פיננסית, השקעתית, מסחרית או מכל סוג אחר המסופקת או מאושרת על ידי TradingView. קרא עוד ב־תנאי השימוש.