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USDJPY Testing Weekly Chart Triangle Resistance

USDJPY Testing Weekly Chart Triangle Resistance

Posted April 20, 2023 at 1:50 am
Darren Chu
Tradable Patterns

USDJPY Testing Weekly Chart Triangle Resistance

The USDJPY is forming a daily Doji at what appears to be triangle resistance (on the daily chart), hesitating as it bumps against upchannel resistance (on the 4hr chart).  Nevertheless, with the USDJPY arguably having broken this week above triangle resistance (on the weekly chart), odds are decent for a weekly close above the psychologically key 135 whole figure level.  Given that the USDJPY has comfortably reclaimed its 38.2% Fib retrace of the Jan 2021 to Oct 2022 bull market, the USDJPY does not appear likely to retest the March low before month end.  Bullish catalysts may arrive Thursday with the US unemployment claims, and Friday with the US flash manufacturing and services PMI.  Congratulations to Premium Members alerted Sep 24, 2021 to the completing of the consolidation since the July peak.  The weekly and daily RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains.  I am flat after profitably closing longs today and am looking at re-entering long in the green zone (of the daily chart), targeting the red zone for Wednesday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).  Click here for analysis on EURJPY, NATURAL GAS

Source: Interactive Brokers TWS

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