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USDJPY 15 min chart – red lines dominating, momentum pointing up but faces the invisible hand
After yesterday’s false break to the downside we are back to staring at 150.89 and the invisible hand guarding it.
A break/close above 150.79 would produce an outside week key reversal BUT ONLY A FIRM BREAK OF 150.84-89 WOULD OPEN THE DOOR ON THE UPSIDE.
Expect support on dips as long as 150.30 holds.
USDJPY 30 Min Chart – Invisible hand 1, Market 0
Having failed to take out the invisible hand protecting 150.89 (double top at 159.84) left the market vulnerable to the BoJ yak on interest rate risk
So, far the move down paused above the 149.53 bottom of the range, leaving the focus on 150 to set the trading tone.
Expect more chop if it stays within 149.53 and 150.84/89)
IEURJPY 30-minute chart – risk turns up
Simple algebra: EURUSD X USDJPY = EURJPY (Hint: One reason for the EURUSD bounce from 1.08)
Chart:
Two red lines drawn off the bottom showed a shift in directional risk to up
So far, pause just below 163.39
Recent and key resistance is at 163.72
Go to shorter time frames for intra-day supports
USDJPY Analysis: Consolidation Continues, Key Levels to Watch
The USDJPY pair has failed in its attempt to break above the 150.88 resistance level and remains within a trading range between 149.52 and 150.88.
Nevertheless, as long as the 149.52 support level holds, the sideways movement could be viewed as consolidation for the uptrend from 145.89. A breakout above the 150.88 resistance level could potentially trigger another rise towards the 151.90 resistance level.
The critical support level to monitor is at 149.52. A breakdown below this level would suggest that the upside move has concluded at 150.88. In such a scenario, the pair could find support around the 148.80 area.
