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USDJPY Technical Analysis

This is a discussion on USDJPY Technical Analysis within the Forex Trading forums, part of the Trading Forum category; Forex: USD/JPY Technical Analysis Talking Points: USD/JPY Technical Strategy: Flat Support: 101.85 (23.6% Fib ret.), 100.75 (Feb 2 low) Resistance: ...

          
   
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    USDJPY Technical Analysis

    Forex: USD/JPY Technical Analysis

    Talking Points:

    • USD/JPY Technical Strategy: Flat
    • Support: 101.85 (23.6% Fib ret.), 100.75 (Feb 2 low)
    • Resistance: 102.27 (horizontal pivot), 102.53 (38.2% Fib ret.)


    The US Dollar turned higher anew against the Japanese Yen, breaking above the 23.6% Fibonacci expansion at 101.85 to expose a support-turned-resistance shelf at 102.27. A further beyond this boundary targets the 38.2% level at 102.53. Alternatively, a reversal back below 101.85 on a daily closing basis exposes the February 4 low at 100.75.
    Close proximity of near-term up- and downside technical barriers argues against taking a trade at the moment from a risk/reward perspective. Furthermore, The Yen remains highly sensitive to churn in risk appetite trends, making the currency’s crosses vulnerable to sharp volatility as the upcoming US Employment report comes across the wires. We will opt to stay aside for now.




    --- Written by Ilya Spivak, Currency Strategist for DailyFX.com




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    USD/JPY Possible Trendline Support Seen at 101.86 on Wednesday

    Daily




    -The USDJPY range has tightened for most of February. The choppy trade since the 2/11 high probably composes a B wave triangle within a 3 wave rally from the early February low.
    -The implications are for a C wave rally to begin in the next few days towards 103.45/85.

    LEVELS: 101.02 101.26 101.63 | 102.52 103.44 103.86


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    Forex: USD/JPY Technical Analysis

    Talking Points:

    • USD/JPY Technical Strategy: Flat
    • Support: 102.84 (23.6% Fib exp.), 101.38 (Feb 17 low)
    • Resistance:103.13 (trend line), 104.14 (38.2% Fib exp.)


    The Japanese Yen has dropped to a five-week low against the US Dollar as prices broke above resistance at 102.84, the 23.6% Fibonacci expansion. Buyers are now testing falling trend line resistance set from late December at 103.13, with a break above that exposing the 38.2% level at 104.14. Alternatively, a turn back below 102.84 aims for the February 17 low at 101.38.

    Prices are too close to relevant resistance at this point to justify a long position on risk/reward grounds. On the other hand, attempting to re-enter short without a defined downward reversal signal seems premature. We will stand aside for now.



    --- Written by Ilya Spivak, Currency Strategist for DailyFX.com


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    Forex Strategy - USD/JPY Buyers Emerge Putting 102.70 In Focus

    Talking Points

    • USD/JPY Technical Strategy: Pending long
    • Shooting Star on the daily plays out in extended declines
    • Emergence of bullish reversal signal to open advance on 102.70


    USD/JPY’s recent dip developed shortly after the Shooting Star formation on the daily as noted in recent candlesticks reports. However, the pair may now face a short-term bounce with buyers acting to support prices at the 101.20 mark in intraday trade. Confirmation from a bullish reversal candlestick formation would support long positions with a potential target of 102.70.

    USD/JPY: Shooting Star Plays Out




    USD/JPY: Support Found At 101.20



    By David de Ferranti, Market Analyst, FXCM

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    Forex Strategy: USD/JPY Dojis Denote Deliberation Amongst Bulls

    Talking Points

    • USD/JPY Technical Strategy: Longs preferred on breakout
    • Dojis on both the daily and four hourly charts suggest indecision
    • Clearance of resistance at 102.70 may open advance to 103.50


    USD/JPYhas jumped towards the 102.70 level of resistance following the formation of a Piercing Line formation on the daily (see below). However, a pair of Doji candles denotes some deliberation amongst the bulls and suggests new longs are better served on a clearance of 102.70 which would likely open up the 103.50 mark.

    USD/JPY: Dojis Denote Deliberation



    Drilling down to the four hour chart; there is evidence of a drawn-out struggle between the bulls and bears around the critical 102.50 intraday resistance level. While the Doji candlesticks signal indecision, a bearish reversal pattern would be required to support a bearish technical bias for USD/JPY.

    USD/JPY: Intraday Resistance Holds At 102.40



    By David de Ferranti, Market Analyst, FXCM

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    Forex: USD/JPY Technical Analysis

    Talking Points:

    • USD/JPY Technical Strategy: Long at 102.82
    • Support:103.43 (23.6% Fib exp.)
    • Resistance: 104.11 (00.0% Fib exp.)


    The US Dollar advanced for a fifth consecutive day against the Japanese Yen having launched higher as expected after carving out a Triangle chart pattern. Prices are now testing resistance at 104.11, the 00.0% Fibonacci expansion.



    USDJPY Technical Analysis-usdjpy-d1-metaquotes-software-corp-temp-file-screenshot-63442.png


    USDJPY Technical Analysis-usdjpy-d1-metaquotes-software-corp-temp-file-screenshot-35887.png

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    USD/JPY Bears Retreat As Hammer Points To A Potential Recovery

    Talking Points

    • USD/JPY Technical Strategy: Sidelines Preferred
    • Shooting Star pattern near 104.00 offered ominous warning
    • Hammer formation in intraday trade suggests a potential bounce


    After staging an impressive decline the USD/JPY bears appear to be retreating following a failed attempt to push through support at 101.70. Traders will be on the lookout for a bullish reversal signal on the daily, with the four hour chart already hinting at a recovery for the pair.

    USD/JPY: Shooting Star Offered Ominous Warning


    Drilling down to examine intraday price action; the four hour chart reveals the presence of a Hammer formation which is signaling a potential bounce for USD/JPY. This puts the resistance level at 102.70 back in focus in the session ahead.

    USD/JPY: Eyeing 102.70 As Next Resistance



    By David de Ferranti, Market Analyst, FXCM

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    USD/JPY Resumes Declines After Recovery Stalls Alongside Doji Formations

    Talking Points

    • USD/JPY Technical Strategy: Sidelines Preferred
    • Shooting Star pattern near 104.00 offered ominous warning
    • Dojis highlighted hesitation by the bulls following test of 102.00


    USD/JPY has resumed its descent as the bears once again take charge of price action. The absence of a bullish reversal signal on both the daily and four hour chart casts doubt over the potential for a recovery.

    USD/JPY: Shooting Star Offered Ominous Warning




    Drilling down to examine intraday price action; the four hour chart reveals several Doji formations near the critical 102.00 handle, which signaled the potential for the USD/JPY recovery to stall. In the session ahead, buyer s may look to step in at prior support near 101.20.

    USD/JPY: Intraday Recovery Stalled Near 102.00



    By David de Ferranti, Market Analyst, FXCM

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    USD/JPY Recovers Ground As Hammer Hints At Intraday Bounce

    Talking Points

    • USD/JPY Technical Strategy: Sidelines Preferred
    • Shooting Star pattern near 104.00 offered ominous warning
    • Hammer on four hour chart hints at intraday bounce


    USD/JPY has recovered some ground in recent trading, although sellers appear to be capping gains for the pair near the 101.70 mark. The daily chart may be set to post an Inside Day pattern, which could hint at more significant bounce. However, the current candle has yet to close and receive confirmation.

    USD/JPY: Shooting Star Offered Ominous Warning



    Drilling down to examine intraday price action; the four hour chart reveals a Hammer formation that has received confirmation. Further gains in intraday trade are likely to once again be met by selling pressure at 102.00.

    USD/JPY: Sellers Likely To Emerge At 102.00



    By David de Ferranti, Market Analyst, FXCM

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    USD/JPY Teases Traders Near 102.00 Following Bearish Candlestick Pattern

    Talking Points
    • USD/JPY Technical Strategy: Pending short
    • Prices breaking below recent range-bottom
    • Bearish Engulfing pattern suggests sellers in control


    USD/JPY may be set tor break its narrow range between 102.00 and 102.70. The emergence of a Shooting Star formation suggests the bears are looking to firm their grip on prices. A daily close below 102.00 would be seen as an opportunity to enter short with a target offered by the next level of support at 101.20.

    USD/JPY: Threatens Break of Recent Range Following Shooting Star



    Examining the four hour chart, the Bearish Engulfing pattern near 102.70 has resulted in extended declines for USD/JPY. However a Gravestone Doji suggests some hesitation from sellers near 102.00. This reinforces the need to wait for a daily close to demonstrate strong conviction from the bears.

    USD/JPY: Bearish Engulfing Pattern Near Key Resistance Delivers Declines


    By David de Ferranti, Market Analyst, DailyFX

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