USD/JPY technical analysis

Warren's Trading Titans
warren

USD/JPY technical analysis (chart):



After USD/JPY fell over -3% in six days yet formed a bullish pinbar at a key support level, momentum has turned higher. In fact a 3-day bullish reversal pattern called a Morning star formed on the daily chart, although volatility dropped on Thursday and Friday over Thanksgiving. Yet this lower period of volatility could be construed as bulls taking a breather ahead of their next attack. The trouble now is that we have the 150 handle nearby which might initially provide resistance. One approach for bulls to consider is to see if prices can retrace towards 148.80 and seek to enter in anticipation of a break above 150, to increase the potential rewards to risk ratio. However, if we see bearish volatility return around 150 then it could indicate an important swing high and the ‘C’ wave an on ‘ABE’ correction from the 151.90 high has begun.

Copyright reserved to the author

Last updated: 11/27/2023 06:49

102 Upvotes
Comment
Add
Related questions
About Us User AgreementPrivacy PolicyRisk DisclosurePartner Program AgreementCommunity Guidelines Help Center Feedback
App Store Android

Risk Disclosure

Trading in financial instruments involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Any opinions, chats, messages, news, research, analyses, prices, or other information contained on this Website are provided as general market information for educational and entertainment purposes only, and do not constitute investment advice. Opinions, market data, recommendations or any other content is subject to change at any time without notice. Trading.live shall not be liable for any loss or damage which may arise directly or indirectly from use of or reliance on such information.

© 2024 Tradinglive Limited. All Rights Reserved.