USDJPY has been in a congestion phase for almost 2 years on the weekly timeframe. We can see multiple touches both of the resistance line and of the support line and a Fake Out. In the previous weeks we tested the resistance line again with a shooting star with above average volume (VPA). Stochastic shows us that it was overbought on the weekly time frame. Volume At Price (VAP) shows us a very strong area which will be hard to break. Therefore we want to see a big effort by the insiders (visible on our Volume Price Analysis) to aspect a big result and then a True Break Out. I think the market will get around 108.000 in the next few months. Even though it's a bit early to say that and we need more confirmations, I do aspect the market to reach the support level.
This is an overal overview of UJ, in the next hours I will look deeper in the chart, analysing the D1 and the H4 timeframes so that I can provide a good set up for a possible entry.
This is an overal overview of UJ, in the next hours I will look deeper in the chart, analysing the D1 and the H4 timeframes so that I can provide a good set up for a possible entry.