Long-term look at USD/JPY, has it started peaking?
Overview- USD/JPY's bullish run since January this year has been quite
phenomenal. Thanks to the combination of stronger US Dollar and a weak Japanese
Yen( owing to strong equity market performance), USD/JPY has appreciated 8% in a span
of just 3 months. However, it looks like UJ might be peaking
Analysis - From the chart, you can see that price is moving within this price
channel since 2017 and UJ has reached the top of the channel where it has faced a small
rejection recently. The bulls may try to break this resistance once again. However, the area
between 110.50 -112 will continue to offer resistance.
Probable trade set-up - Based on the analysis, if price is unable to break the
111 resistance and bearish pattern forms at the top of the price channel, it might be
a good opportunity to sell USD/JPY@110 level and target 108 as initial TP.
Disclaimer - This is simply an analysis and not a trade recommendation. The trades will be
executed only if it meets the required criteria.
phenomenal. Thanks to the combination of stronger US Dollar and a weak Japanese
Yen( owing to strong equity market performance), USD/JPY has appreciated 8% in a span
of just 3 months. However, it looks like UJ might be peaking
Analysis - From the chart, you can see that price is moving within this price
channel since 2017 and UJ has reached the top of the channel where it has faced a small
rejection recently. The bulls may try to break this resistance once again. However, the area
between 110.50 -112 will continue to offer resistance.
Probable trade set-up - Based on the analysis, if price is unable to break the
111 resistance and bearish pattern forms at the top of the price channel, it might be
a good opportunity to sell USD/JPY@110 level and target 108 as initial TP.
Disclaimer - This is simply an analysis and not a trade recommendation. The trades will be
executed only if it meets the required criteria.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.