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
- The USD/JPY looks to test the 82.00 support near 61.8% retracement. A break below that should see the market continue lower to test the triangle support near the previous low.
- Currently, the 82.00 area, 61.8% retracement is defending against the bears, but if the daily chart closes below it, the market should slide lower towards the traingle support. There is a minor pivot at 81.70 as you can see in the 4H chart.
- For the bullish scenario to open up, we need to see the market break above 82.50. Then the declining triangle resistance needs to be broken for a bullish outlook to test 84.50.
Is the USD waiting on good economic news for fuel? Will the greenback make a stronger rebound in Q1? We would love to hear what you think.
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Fan Yang CMT
Chief Technical Strategist