USD/JPY-1 Hour overview
Hello everybody!
-On a 1-hour chart, we can see that the price is moving in an ascending triangle and we can also see that the price formed double top pattern.
-The double top pattern is a bearish signal so we might expect some bearish movement but we need to consider when the market opens that we might have gaps so be careful and wait for solid confirmation to take action.
-On a stochastic indicator, we can see that the price is now descending from the overbought area.
-Last week on daily base USD was a little bit stronger than JPY and on a weekly base, USD is very strong but on lower time frames such as 1 hour USD is very week and on a 4-hour base JPY is still stronger than USD.
-If JPY remains stronger than USD then we might expect bearish movement and if USD starts stronger than JPY this new week then we can expect bullish movement.
-WHAT DO YOU THINK ABOUT THIS SETUP?
Please let me know in the comment section!
THANKS FOR READING!
-If you have some different opinions please let me know and if you like this please hit that like button and give me support, I will appreciate every support.
-Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not a Financial
advice.
-On a 1-hour chart, we can see that the price is moving in an ascending triangle and we can also see that the price formed double top pattern.
-The double top pattern is a bearish signal so we might expect some bearish movement but we need to consider when the market opens that we might have gaps so be careful and wait for solid confirmation to take action.
-On a stochastic indicator, we can see that the price is now descending from the overbought area.
-Last week on daily base USD was a little bit stronger than JPY and on a weekly base, USD is very strong but on lower time frames such as 1 hour USD is very week and on a 4-hour base JPY is still stronger than USD.
-If JPY remains stronger than USD then we might expect bearish movement and if USD starts stronger than JPY this new week then we can expect bullish movement.
-WHAT DO YOU THINK ABOUT THIS SETUP?
Please let me know in the comment section!
THANKS FOR READING!
-If you have some different opinions please let me know and if you like this please hit that like button and give me support, I will appreciate every support.
-Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not a Financial
advice.
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