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

Tian Kriek

Analyst


January 27, 2020 05:44 AM

BEARISH

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. The Weekly Fibs are also in an UP ABCD swing with the D extension at 111.00. The Daily Ub Fibonacci D extension at 110.16 has been hit, suggesting that price is going to retrace. The Daily probability is now Bearish and I am refraining from taking buy trades UNTIL the Daily probability is Bullish again. Expect price to find support at the Daily Fibonacci .382 at 108.77. Get this chart and analysis for free. Copy and Paste the following link in your browser: https://smarttrader.com/charts/tkriek/tk-aod-workspaces-27-jan/

Daily Chart

Daily Chart

Daily Support and Resistance

Resistance 3: 108.1300
Resistance 2: 110.7000
Resistance 1: 113.5000
Current Price 108.9000
Support 1: 111.0000
Support 2: 99.8600
Support 3: 93.0000

Two Hour Chart

Two Hour Chart
10 Keys to Successful Forex Trading