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 daily chart shows the USD/JPY in a triangle which has been in swings of about 78.6% retracement. The last is no different, falling below 82.00, to test the 81.50 area and rising support of the triangle.
- We should probably consider a a chance for a rally from here.
- However, the bullish outlook remains contained below 82.25. Then 82.60, and 83.12 are your next near-term, short-term targets.
- Let's see if the market finds support.
Will the USD/JPY respect the triangle support? We would love to hear what you think.
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Fan Yang CMT
Chief Technical Strategist