USD/JPY has
been consolidating for a long time, forming a multi-week range. In the past few
days I kept expecting it to fall until it reached the support at 117.80 but the
pair formed an impressive hammer candlestick and then a doji one in the daily
filter chart and, of course, started climbing. I was not disappointed because
these candlesticks were a clear indication of the impending move to the upside
and I managed to open long positions on time. It looks like the range
continues. I expect it would reach target 121.70 should it manage to break
above the resistance at 120.40.
This pair hit new fresh high.
ReplyDeleteI'm expecting an upward move to a daily resistance at 120.55 on a break above previous day high at 119.57 (scenario 1).
ReplyDeleteExcellent analysis, lets be carefull!
ReplyDeletevery good analysis.
ReplyDeleteHrmm... Very important post.
ReplyDelete