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 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.
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