Simple Moving Average(SMA) 50-period (red), 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI attached.
Fibonacci Study
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term support and resistance
Multiple Time-frame Analysis
USD/JPY
- The 4H chart for USD/JPY shows a rally from the 82.50 level to start the week in an engulfing pattern and a follow through candle that so far is showing bullish continuation. Still we need to close above 83.10 to confirm a bullish attempt towards 84.50.
- The bullish signal actually came last week with a strong rally the has been retraced almost 50%. This is seen more clearly in the 1H chart.
- The USD/JPY chart shows the market bullish.
- One clue is that the RSI remains above 40. A break above 60 is a bullish continuation signal. The candlestick action started with a strong bullish engulfing candle with a followup that is now looking to retest 83.10 in the near-tearm. With a break, it is looking towards the 84.50 level.
- Another clue is the break above the declining channel resistance and the moving averages.
Is the EUR/USD going to reach higher after the current decline? We would love to hear what you think.
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Fan Yang CMT
Chief Technical Strategist
FXTimes
Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.
