I think that after breaking the resistance level at 118.77 the price will rise, that's why we can get in long position with take profit at 120.71.
http://i.imgur.com/QN7NfQi.png
Printable View
I think that after breaking the resistance level at 118.77 the price will rise, that's why we can get in long position with take profit at 120.71.
http://i.imgur.com/QN7NfQi.png
USD/JPY Weekly Outlook
4H
USD/JPY;s rebound from 115.84 resumed last week by taking out 118.85 resistance. Initial bias is mildly on the upside this week for 120.82 resistance. Overall, consolidation pattern from 121.84 is likely a triangle pattern. Strong resistance from 120.82 will bring another fall to extend the pattern. But break of 121.82 resistance will confirm larger up trend resumption. Meanwhile, any downside attempt should be contained by 38.2% retracement of 105.19 to 121.84 at 115.47.
I think that the price will fall down because of the black trendline decree below in the daily time frame, that's why we can get in short position with take profit at 115.75.
http://i.imgur.com/NyxKEgG.png
D1
In the bigger picture, whole medium term up trend from 75.56 is still in progress and should target a test on 124.13 resistance next. Break there would pave the way to 135.20/147.68 key resistance zone. On the downside, break of 110.08 resistance support is needed to confirm medium term topping, or outlook will stay bullish even in case of deep pull back.
---------- Post added 02-09-2015 at 08:08 AM ---------- Previous post was 02-08-2015 at 02:17 PM ----------
USD JPY hits the first target
The USDJPY pair succeeds to reach the first main target for the upside track that was activated after the breach which achieved last Friday and we mentioned in our last technical update, noticing that the price finds good resistance that forces the price to provide some bearish bias as appears in the above image, and stochastic current negativity that add more strength to the mentioned resistance.
Therefore, the USDJPY price might witness temporary downside moves to retest levels around 118.20 before resuming the bullish trend, pointing that breaching 119.20 level will extend the pair gains to reach 121.80, while the expected rise will remain valid unless breaking 118.20 then 117.20 levels and holding below them.
Expected trading range for today is between 118.00 support and 120.00 resistance.
Expected trend for today: Bullish
I think that the resistance levels at 118.60 and 118.46 will make the price rise, that's why we can get in long position with take profit at 119.93.
http://i.imgur.com/6CGVi3N.png
4H
Daily Pivots: (S1) 117.72; (P) 118.46; (R1) 119.77
Intraday bias in USD/JPY remains mildly on the upside for the moment. Rebound from 115.84 should extend to 120.82 resistance. Overall, consolidation pattern from 121.84 is likely a triangle pattern. Strong resistance from 120.82 will bring another fall to extend the pattern. But break of 121.82 resistance will confirm larger up trend resumption. Meanwhile, any downside attempt should be contained by 38.2% retracement of 105.19 to 121.84 at 115.47.
---------- Post added at 11:13 AM ---------- Previous post was at 08:54 AM ----------
D1
In the bigger picture, whole medium term up trend from 75.56 is still in progress and should target a test on 124.13 resistance next. Break there would pave the way to 135.20/147.68 key resistance zone. On the downside, break of 110.08 resistance support is needed to confirm medium term topping, or outlook will stay bullish even in case of deep pull back.
---------- Post added at 11:26 AM ---------- Previous post was at 11:13 AM ----------
Weekly
In the long term picture, the strong impulsive look of the rally from 75.56 suggests that USD/JPY is now in a long term up trend. While momentum is still strong, the overbought condition as seen in monthly chart might start to limit upside momentum above 124.13 resistance.
For the US session is likely USDJPY will tend to trend down to a level predicted MS2: 117.12, or maybe more than that. It was clear from some of the moving average indicator that has been cut. to the right once to sell at this price.
http://s17.postimg.org/pq7vdiygf/screenshot_15.png
Daily Forecast
Pair: USDJPY
Major Trend: Bullish
Time Frame: H1
Reason: Market can not penetrate the daily pivot point at 118.51, so you can bet the market will go back up in the price of 119.30. Views RSI remained above the 50 line
Recommendation: Buy now
USDJPY Analysis & Signals 09/02/15
Order BELOW
BUY LIMIT
Buy at 118.30
Take Profit at 119.10
Stop Loss at 118.10
USD/JPY Mid-Day
Daily Pivots: (S1) 117.72; (P) 118.46; (R1) 119.77
4H
Intraday bias in USD/JPY remains mildly on the upside for the moment. Rebound from 115.84 should extend to 120.82 resistance. Overall, consolidation pattern from 121.84 is likely a triangle pattern. Strong resistance from 120.82 will bring another fall to extend the pattern. But break of 121.82 resistance will confirm larger up trend resumption. Meanwhile, any downside attempt should be contained by 38.2% retracement of 105.19 to 121.84 at 115.47.
---------- Post added at 12:43 AM ---------- Previous post was at 12:37 AM ----------
D1
In the bigger picture, whole medium term up trend from 75.56 is still in progress and should target a test on 124.13 resistance next. Break there would pave the way to 135.20/147.68 key resistance zone. On the downside, break of 110.08 resistance support is needed to confirm medium term topping, or outlook will stay bullish even in case of deep pull back.
---------- Post added at 12:54 AM ---------- Previous post was at 12:43 AM ----------
The pair inched higher and breached 118.70. Holding above the referred to level is positive and favors extending the upside move in the coming period and favors extending the bullish wave targeting 1119.45 and 119.75 and 120.45, while breaking 118.20 threatens to fail the suggested expectations.
Support 118.45 119.05 119.45 120.00 120.45
Resistance 117.90 117.70 117.05 116.90 116.10
Recommendation
Positive expectations above 118.70, risk-limit below 118.20.
Spoiler: