The USD/JPY is currently consolidating below the daily chart’s 61.8% fib and this price action is forming up within a larger bullish pattern on the monthly chart time frame. However, we do have some trend lines on the 4hr and 30 min chart’s though to watch for any momentum-based breakout. Next week brings a lot of US$-sensitive data, including FOMC, and so this consolidation and / or choppy action could continue until then.
USD/JPY monthly: price action looks to be forming up within a bullish-reversal ‘Inverse H&S’ pattern. The neck line of this pattern is still a way off at 124:
USD/JPY weekly: note how price bounced up from the 50% fib of the weekly chart’s swing high move:
USD/JPY daily: price is currently consolidating though below the 61.8% fib of the daily chart’s most recent swing low move:
USD/JPY 4hr: note the consolidation-style Flag forming up under this 61.8% fib resistance. Watch these trend lines for any momentum-based breakout, either up or down! For any bearish breakout then watch fibs for potential targets:
USD/JPY 30 min: not much momentum on this time frame at the moment though but the same drill applies: watch trend lines for any momentum-based breakout, either up or down!
The post USD/JPY: still consolidating under daily resistance. appeared first on Trade Charting.
The post USD/JPY: still consolidating under daily resistance. appeared first on www.forextell.com.