Usdjpy

Discussion in 'Technical Analysis' started by pentothal, Sep 3, 2013.

  1. Comment



    USDJPY has had a strong day today and managed to break above a significant short term resistance level (see chart1).



    If things continue to move in the same direction I reiterate my target of 110 (chart2 for the details). The Nikkei had a similar move today so this reinforces the idea that the consolidation that started in May has run its course and the index/FX will be moving higher in the coming weeks.



    A close below 94 would invalidate my analysis.





    Analysis



    Prices have moved strongly above the diagonal resistance line that has contained price action since the top in May. MACD has broken its resistance a week or so ago, giving another good warning signal that the same may happen to price.



    From an Elliott wave perspective we have completed a wave 4 so we should continue higher before the movement can be considered complete


    Chart1
    [​IMG]


    The weekly chart clearly shows how the wave 5 target also coincides with a long term resistance level (not shown, is the white line on top) increasing the probability of 110 as final target.



    Chart2
    [​IMG]




    http://pentothalta.blogspot.co.uk/
     
  2. expiated

    expiated

    My stats are forecasting a bit of an elevation in USDJPY's future, but time will tell whether it actually materializes.

    USDJPYH1.png
     
  3. maxinger

    maxinger

    between 2008 and 2016, usdjpy used to move alot.
    since then it is forming a close wedge formation.

    its movement is going to be very limited till don't know when.