USD/JPY: The Monthly Fibs are in a Down ABCD swing however price

Tian Kriek

Analyst


September 13, 2019 05:38 AM

BULLISH

Daily Trading Range:
USD/JPY: The Monthly Fibs are in a Down ABCD swing however price bounced bullish against 105.00 which is a significant pivot. If I look at the weekly chart then I can clearly see a confluence of support at 105.00 where the market bounced. The Daily Fibs are in an UP ABCD swing with the D extension just above 108.00 forming a confluence with a down trend line. I have placed a buy scalp trade to the 15min D extension

Daily Chart

Daily Chart

Daily Support and Resistance

Resistance 3: 108.1300
Resistance 2: 110.7000
Resistance 1: 113.5000
Current Price 107.9500
Support 1: 111.0000
Support 2: 99.8600
Support 3: 93.0000

Two Hour Chart

Two Hour Chart
The market is moving can you keep up?