Tools:
Simple Moving Average(SMA) 50-period (red), 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI attached.

Fibonacci Study
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term support and resistance

Multiple Time-frame Analysis

USD/JPY
USD/JPY

- The USD/JPY has been choppy, but looking at price action in the 4H chart, the pair looks ripe for a rally towards 84.50.
- The 82.00 level was 61.8% retracement and the market showed respect to this level witha sharp rebound here last 3 time it was being tested.
- Look for the market to break above the declining resistance.
- Otherwise, the market should stay in its current consolidation mode.Look for a declined to fail at breaking below 82.50. If the market gets close to this level during a throwback, you might want to go long with a stop below 81.85 and target at 84.50 area.
- The daily chart shows the market within a triangle, and attempting to break above it. A close today above 83.12 should be a strong signal towards 83.50 and possibly a swing projection to 85.15 area. This opens up the 86.00 target, but we should expect some choppiness as we test the 84.50.

USD/JPY

Does the support at 82.00 and strong rebound there suggest the bulls control the USD/JPY? Do you prefer another wave count? We would love to hear from you.
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Fan Yang CMT
Chief Technical Strategist