USDJPY: We extend an upward trajectory back towards 114.50-114.7
Just now the price has traded through our target 113.00 we set in early July.
USDJPY reached 113.00 handles for the first time since early Jan 2018. The price action is briefly breached 113.00 in an early Asian session, although it is facing stiff resistance at that level. There’s an interesting bullish development taking place on the weekly chart which continues to develop further bullish targets. Based on the weekly chart observation it will be more interesting to see if we make the clouds clear between 113.00-113.30 during this week or the next. Just now the price has traded through our target we set in early July.
In July 05th article we shared an interesting observation “The oscillator has been shaping to an inverse H&S pattern.” Based on this we forecast at 113.00. Now we observed the pattern on the weekly chart. So we extend an upward trajectory back towards 114.50-114.70.
Supports have been moving higher from 109.20 to 110.30, and now moved further higher to 111.40 May 21 high.
Crucial psychological resistance seems to be at 113.00 above this 113.30 exists.
http://www.keytomarkets.com/blog/blog/ktm-usdjpy-daily-optimistic-developments-in-leading/
USDJPY reached 113.00 handles for the first time since early Jan 2018. The price action is briefly breached 113.00 in an early Asian session, although it is facing stiff resistance at that level. There’s an interesting bullish development taking place on the weekly chart which continues to develop further bullish targets. Based on the weekly chart observation it will be more interesting to see if we make the clouds clear between 113.00-113.30 during this week or the next. Just now the price has traded through our target we set in early July.
In July 05th article we shared an interesting observation “The oscillator has been shaping to an inverse H&S pattern.” Based on this we forecast at 113.00. Now we observed the pattern on the weekly chart. So we extend an upward trajectory back towards 114.50-114.70.
Supports have been moving higher from 109.20 to 110.30, and now moved further higher to 111.40 May 21 high.
Crucial psychological resistance seems to be at 113.00 above this 113.30 exists.
http://www.keytomarkets.com/blog/blog/ktm-usdjpy-daily-optimistic-developments-in-leading/