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
Multiple Time-frame Analysis
- The USD/JPY is testing a triangle support as seen in the daily chart. So far, the market is respecting it, but the momentum is still bearish even in the short-term as seen in the 1H chart, where the RSI has not sustained a break above 60 yet. A return below 40 now should reflect eh market attempting to break below the current 81.60 support.
- In the near-term we can say that the market is ranging between 82.00 and 81.60. A break below this range eyes the 80.20 low, but the market can easily find support at 81.00 as well. A break above 82.00 eyes 83.00.
- The outlook becomes more clear outside the range between 80.20 and 84.50 seen int he daily chart. Until these pivots are broken, the market is basically in an long intermediate term range.
Will the USD/JPY Test 80.20 again, or will the market push it back to 84.50 in March? 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.