USD/JPY: There is a large Bullish Crown on the Monthly time frame

Tian Kriek

Analyst


November 13, 2019 02:55 PM

BULLISH

Daily Trading Range:
USD/JPY: There is a large Bullish Crown on the Monthly time frame suggesting that price will move substantially higher. There is also a triangular pattern and due to the Bullish Probability I expect this triangle to be broken to the upside. Price is also heading from the triangle support at 105.00 to the triangle resistance about +220 pips away. The Daily Fibs are also in an UP ABCD swing, especially now that price bounced against the psychological level at 107.00. On the 2 Hour Chart I can see that price is likely to retrace Bearish to the support confluence at 108.00 before moving Bullish again. I shall consider a buy at 108.00

Daily Chart

Daily Chart

Daily Support and Resistance

Resistance 3: 108.1300
Resistance 2: 110.7000
Resistance 1: 113.5000
Current Price 108.7500
Support 1: 111.0000
Support 2: 99.8600
Support 3: 93.0000

Two Hour Chart

Two Hour Chart
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