• 371 days Will The ECB Continue To Hike Rates?
  • 371 days Forbes: Aramco Remains Largest Company In The Middle East
  • 373 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 773 days Could Crypto Overtake Traditional Investment?
  • 777 days Americans Still Quitting Jobs At Record Pace
  • 779 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 782 days Is The Dollar Too Strong?
  • 783 days Big Tech Disappoints Investors on Earnings Calls
  • 784 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 785 days China Is Quietly Trying To Distance Itself From Russia
  • 786 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 789 days Crypto Investors Won Big In 2021
  • 790 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 791 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 793 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 793 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 796 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 797 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 797 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 799 days Are NFTs About To Take Over Gaming?
  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