• 2 hours Are Gold Stocks Going To Bounce Back?
  • 8 hours The Politics Of A Pandemic
  • 1 day Gold Is Still A Safe Haven, But Not Very Alluring
  • 1 day What Does CHina’s EV Slowdown Mean For The Battery Metals Sector?
  • 2 days COVID Report Cards Will Brand Businesses Forever
  • 2 days Trump Tweet Sends Oil Soaring 25%
  • 3 days Why The Coronavirus Economic Crash Is Worse Than You Think
  • 3 days Is A Global Currency Necessary?
  • 4 days America Has Shed 500,000 Millionaires Since The Coronavirus Lockdown Began
  • 4 days Trump Wants Another $2 Trillion Economic Intervention
  • 5 days The Surprising Businesses Deemed “Essential” During The Coronavirus Lockdown
  • 5 days Priceless Van Gogh "Spring Garden" Painting Stolen
  • 5 days Oil Falls To $20 For First Time In Nearly Two Decades
  • 5 days COVID-19 Could Be The End Of U.S. Coal
  • 6 days How Much Does Your Social Security Number Cost? $4 On The Dark Web
  • 7 days Silver Stocks Have Been Decimated In The Coronavirus Sell-Off
  • 8 days How Blockchain Tech Could Make Mergers And Acquisitions More Efficient
  • 8 days America’s Shortage Of This Metal Keeps Trump Up At Night
  • 9 days Bidet Bonanza: Defying The Toilet Paper Shortage
  • 9 days U.S. Auto Sales Fall By 75%
What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

Gregor Horvat

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for…

Contact Author

  1. Home
  2. Markets
  3. Other

Is USDJPY Heading Higher?

Good day everyone!

In today's post, I want to look at USDJPY more closely which I believe has some very interesting pattern unfolding since last week. What really caught my eye is that move up from 108.80 area that occurred for a second time from that important >Gap Zone< made in April. These gaps will normally act like a magnet to be filled, and once they are a new turn may occur. And this is exactly what we see on 4h chart. In fact, bounce occurred very aggressive from 108.80 last week and took out a channel resistance line connected from 114.37. Normally that’s indication of a change in trend, so I expect higher USDJPY especially if we consider the Elliott Wave look which shows a potential completion of a corrective set-back from May high. Reason for a bullish view is also an impulsive bounce on hourly chart which shows nice zone of support for this week around 110.00-110.50 zone.

Trade well,

USDJPY, 4H

SD/JPY 4-Hour Chart

 


Interested in our services? We have a Special Offer: Get 2 Months For Price of 1!! Grab the opportunity now at www.ew-forecast.com

 

Back to homepage

Leave a comment

Leave a comment