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CHART : USDJPY
TIME FRAME : DAILY, WEEKLY
TOOLS USED : TRENDLINES, JFOREX PLATFORM
After doing a careful multi time frame analysis of the pair I came to a conclusion that the pair has bounced off from the Weekly support region as shown in chart by a rectangle. If the pair is able to close a week above 104.32 then we can safely say that an uptrend has resumed.
On the other hand on the daily chart we can see a triangle and the price is bouncing from the base of triangle again and again. I expect the price to break on the upside but we can never be sure of the forex markets hence will wait for the right time.
My advice is to see the price closing above 104.32 with strong momentum and then wait for a pullback to 104.32 to enter the uptrend near 104.32 or in an opposite scenario let the price break down below 98.95 and wait for the retest of the level and then sell for a target of 97.00
Please use comment box for your queries or suggestions on this trade setup.
Happy Trading to all.
TIME FRAME : DAILY, WEEKLY
TOOLS USED : TRENDLINES, JFOREX PLATFORM
After doing a careful multi time frame analysis of the pair I came to a conclusion that the pair has bounced off from the Weekly support region as shown in chart by a rectangle. If the pair is able to close a week above 104.32 then we can safely say that an uptrend has resumed.
On the other hand on the daily chart we can see a triangle and the price is bouncing from the base of triangle again and again. I expect the price to break on the upside but we can never be sure of the forex markets hence will wait for the right time.
My advice is to see the price closing above 104.32 with strong momentum and then wait for a pullback to 104.32 to enter the uptrend near 104.32 or in an opposite scenario let the price break down below 98.95 and wait for the retest of the level and then sell for a target of 97.00
Please use comment box for your queries or suggestions on this trade setup.
Happy Trading to all.
