Simple Moving Average(SMA) 50-period (red), 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI attached.
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term support and resistance
- The USD/JPY is in a correction after last week's rally which was in a bullish impulse wave. The decline this week has been in the form of a correction. The correction has expanded and is possibly on the (c) wave.
- The market should not break below 82.00 (61.8% retracement), but preferably above the 82.27 pivot (50%).
- A rally to 84.50 is confirmed is a subsequent rally break above the 83.70 pivot. An early warning would be strong bullish candles to bottom above 82.27 and then a break of the flag or declining channel resistance.
- The bullish scenario is a test of 84.50, and if that breaks 86.00 is the target.
- The bearish scenario, though not likely, can exist if the market breaks below 82.00. It should then look to test the 81.00 low.
Is the USD/JPY going to be able to test and break 84.50? We would love to hear what you think.
Subscribe and become a member to share your views and join live discussions as well as webinars about the markets.
Fan Yang CMT
Chief Technical Strategist
Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.