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 bullish intent shown earlier in the week has materialized into a rally that cracked a declining triangle resistance. You can see more clearly, the triangle being broken in the daily chart.
- The 4H chart is giving us a momentum breakout signal as the RSI tags 70, and judging from current price action, should break above 70.
- There is resistance near 83.20 area. If the market wants to resolve overbought conditions (RSI>70), this might be a place to do so.
- Then if the market has started a strong bullish attempt, it should respect the previous consolidation area. An important pivot for this previous consolidation area is somewhere near 82.40. I would look for a return to the bullish attempt from there, if there is indeed a throwback from the 83.20-82.30 resistance.
- The daily chart shows the triangle being broken, and a swing projection towards 85.15 area, where the 200SMA resides.
- The bullish attempt will first see resistance first at 84.50, so this is the target for a break above the 83.20-83.30 area.
Has the USD/JPY broken above the triangle in a bullish attempt that can swing above 84.50? We would love to hear what you think.
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Fan Yang CMT
Chief Technical Strategist