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 pair has bounced off a triangle support as more clearly seen in the daily chart below.
- The 4H and 1H charts show the 82.00 area as previous support, and now would be tested as resistance.
- A break above this should see the attempt to test the triangle resistance near 82.80. a break above that resumes upside consideration of 84.55.
- To consider the bullish attempt to 82.80, we should see confirmation with the 1H RSI breaking above 70, and the 4H RSI breaking above 60. In fact if the RSI in the 4H chart breaks above 70, it will be a very strong bullish signal, suggesting further upside beyond 84.55.
- Downside to 80.20 and below opens up if the 80.90 low is broken.
Is the USD/JPY respecting the triangle support and will it respect the resistance? 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