USDJPY to reverse downwards this week

Παρατηρούμε και αναμένουμε..
May 2, 2017
Οι στόχοι πιάστηκαν….κορυφώσαμε ή θα έχει συνέχεια το ράλυ;
May 3, 2017

Good day to all and wishes for a great month ahead. Today I focus on USDJPY as I believe it is close to reversing downwards as the upside is limited according to my view. Price is trading below important resistance levels at 112-112.50. Both cloud and horizontal resistance is found at the area mentioned. Price is expected to get rejected and at least make a pull back towards 110 if not lower.

Price has reached horizontal resistance and the 50% Fibonacci retracement of the decline from the March highs. We have bearish divergence in the 4 hour chart and we also got very close to the daily cloud resistance. We might get closer to 113 but I believe the next big trade here will be to the downside.

For more fx analysis follow me on twitter (@alexanderyf). Have a nice day and thank you for taking the time to catch up on my thinking.

 

 

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.