USD/JPY Look Ahead for week start 11/24/19
The Dollar-Yen is in a Correction on the weekly as part of a side ways consolidation going back to 2017. Price is pinging back and forth from the 50 week ema and the 800 week ema.
The Pair is in a Bear Market Rally on the daily, with price above the 50 ema trending upwards. Expect resistance to appear at the 800 ema at 109.972. There is also a long term down trend line in the vicinity that should come into play. Appears to be in a level two consolidation trading up from the longer term W-Formation that formed down at 105. There is also an uptrend line that price is consolidating against right below that should lend support for price. Looks like it’s getting ready for a strong extended push upwards from here. Should get interesting with price trading into to the intersecting up and down trend lines.
The Pair is coming out of a multi-day W bottom formation on the four-hour. Looks like it would continue its level 1 consolidation from a very powerful piercing/railroad tracks pattern, coming out of the weekend. Then should come a shift upwards to a level two consolidation. After which I would expect a strong move up to the long term down-trend line above 109. The top at 109.073 is a likely location for a stop-hunt. So all kinds of upcoming entertainment coming above 109.
This is my USD/JPY look ahead for my own trading purposes. FOREX trading involves risk. Feel free to comment, but trade off of this post at your own peril.
The Pair is in a Bear Market Rally on the daily, with price above the 50 ema trending upwards. Expect resistance to appear at the 800 ema at 109.972. There is also a long term down trend line in the vicinity that should come into play. Appears to be in a level two consolidation trading up from the longer term W-Formation that formed down at 105. There is also an uptrend line that price is consolidating against right below that should lend support for price. Looks like it’s getting ready for a strong extended push upwards from here. Should get interesting with price trading into to the intersecting up and down trend lines.
The Pair is coming out of a multi-day W bottom formation on the four-hour. Looks like it would continue its level 1 consolidation from a very powerful piercing/railroad tracks pattern, coming out of the weekend. Then should come a shift upwards to a level two consolidation. After which I would expect a strong move up to the long term down-trend line above 109. The top at 109.073 is a likely location for a stop-hunt. So all kinds of upcoming entertainment coming above 109.
This is my USD/JPY look ahead for my own trading purposes. FOREX trading involves risk. Feel free to comment, but trade off of this post at your own peril.
Trade ist aktiv:
This prediction is dead on. Coming up on the 800 ema...
