USDJPY

https://www.tradingview.com/chart/qViFNgKU/

USDJPY is halting in the uptrend rally. Would this pair go up further? We shall see the development of pattern.

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the weekly chart

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the daily chart

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the 4H

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The daily candle is about to test the kumo support. Likely, this pair may get in the kumo soon.

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Earlier Today, the Fed Chair Janet Yellen gave a speech. www.bloomberg.com/ne...g-gradual-rate-hikes It made this pair rally. On the daily chart, a bullish engulf formation is right above the kumo. Expect more move-up for a day or two.
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UJ hit the base line resistance. The lagging line is still below the price bar. Hm...it's an interesting moment.
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The candles come back in the heavy/think cloud again.

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UJ may test the daily conversion line before US market opens. Expect the cloud on the right of the chart would get twisted in a day or two.

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UJ is testing the base line resistance.

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The base line still holds. Likely, this pair would pull back down to 114.

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The Renko chart has been attached here. There is less noise than the candle chart. The down trend hasn't been reversed yet.

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As expected, UJ was down today. Since we will hear BOJ news soon, this pair could go down further

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UJ daily candle is still in the cloud, doing sideways (ranging). The support is still around 112.5x. Noticed the cloud would be twisted on the right of the chart. After a kumo twist, the cloud would be bearish. it might be a long process. This pair could pull back up to 114 again. Just a reminder, News about the interest rate hike will be from FOMC tomorrow.

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UJ remains calm after FOMC. The kumo hasn't twisted yet. It could take a time...For this week, 114 should be a resistance.

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112.0x was tested and held nicely. Likely, UJ would move between 112 and 114 on Friday to close up the weeky. Pls mind the long lower shadow of the daily candle.

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We got another UJ "Red" day. This pair is still in the range between 112 and 114.
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The daily Renko has been attached. The downtrend remains.
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Noticed that the daily kumo has been twisted and bearish

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UJ keeps making lower high and lower low. But noticed the conversion line moves slowly. Likely, this pair could do sideways between 110.6x and 112.7x so that the conversion could catch up. Or UJ could go to 113.4x to meet the conversion line. In my opinion, either of these two scenarios wouldn't change the downtrend. If UJ doesn't get rejected by the conversion line, hmm.....the current trend may be getting weak....

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UJ closed below 112.7x within the new sideways range.

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The daily Renko

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UJ still within the range. Would like to see this pair testing 112.7x in the next 12 Hrs.

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The trend remains unchanged

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An update on the weekly: UJ is reaching a support (the cloud). if breaks this support, 109 ~ 110 would be the target. Just wait until UJ tells :)

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The bullish engulfing shows on the daily chart. But this pair is still in the cloud. The correction could stop between 114.5x and 115.5x, idealy.

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The weekly chart added

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UJ left a doji for the daily on Friday. Would Trump and Abe meeting move UJ next week? www.nytimes.com...be-meeting.html?_r=0
Let's see if there are any more news coming out on the weekend.

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The daily Renko looks not too bearish comparing to the one posted 2 days ago (the above)
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UJ looks bullish to me and should test 115 soon.

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The daily Renko has been attached

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The base line hit....

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The base line resistance worked. :)

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Look at the difference on the daily Renko.

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UJ almost done the 50% retracement from the last week low to this week high. The downtrend remains.

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The pair is taking a short break from the falling. If closing above 113.3x ~ 113.6x range, UJ could move up.

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Testing the resistance ...

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UJ doesn't look bullish.

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The daily Renko
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If UJ breaks down 112.6x, would test 111.5x.....

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The daily Renko

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It looks like 111.5x still could be a target. If the support holds, we could see a rally. Otherwise, the next support would be around 110.6x ~ 110.9x, a lower low.

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111.5x is still a factual low so far. With the cloud breaking out, UJ becomes bullish. Let's see how good NFP would be tomorrow (March 10th). It could send UJ up to 116~117, or back down to 113.3x

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UJ got rejected around 115.5x on March 10th and tested the support 110 on March 27~28th. Expect this pair would go 112.8x, where the base line is located.

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Apparently, UJ has been showing weakness. This pair would still get a chance to test 109.8x ~ 110.6x. But the further down could go around 107.1x.
Happy trading!

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The daily Renko shows UJ hits a resistance.

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UJ monthly candle is getting closer to the trend line.

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On the daily, there would be a resistance around 114.3x, where UJ got rejected on Friday. Expect it would be tested again this week. If it breaks out, the next resistance should be 115.5x. A decent divergence may be seen at that moment.

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This pair has been ranging between 115 and 107 since early this year. Before breaking out, it should be a nice range to trade. Happy trading!

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An update is coming up soon. Please stay tuned.