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
- Today's NFP release was positive, but perhaps the market already priced in the data, buying the rumor, and is now selling the fact.
- The USD/JPY has been building a base and did rally in an impulse wave manner from 81.60, breaking above a declining trendline and the SMA 200 in the 4H chart. The RSI reflects no more bearish momentum, but the bullish momentum is not there yet.
- Today's decline can be part of a corrective decline, which should be 3 waves if that assumption is correct. Then the market should respect the base and stay above 82.00 for a rally towards 84.00, 84.50.
- A break below 81.60 next week is unlikely, but if this happens, a decline to 80.20 is in sight. However,no significant trending action should be expected until we break above 84.50 or below 80.20.
Will the USD/JPY break out of this consolidation in March? We would love to hear what you think.
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