USDJPY Long Still In Play
The long-term trend is bearish, but at the moment we seem to have a bullish “V” that is trying to break up past the resistance at 101.46, and will probably succeed in doing so. This would mean that the next likely resistance level at which we might see a bearish reversal back into the long-term bearish trend would be at or very close to the round number of 102.00 (USDJPY Forex Trading Analysis).
USDJPY Still Down Trend Making
The USDJPY just brokeout of the corrective up correction and is now consolidating under the trend line. Selling the breakout of this flag seems like a good idea. The USDJPY pair went back and forth during the course of the day on Wednesday, showing signs of support at roughly 101. This is an area that begins a fairly significant amount support all the way down to the 100 level (USDJPY Forex Trading Analysis).
USDJPY Potential Short Entry
Elsewhere, the yen continues to push ahead, USDJPY briefly pushing below the 101.00 level during Asia trade, as the markets gives a pretty unanimous thumbs-down to the latest monetary and fiscal policy measures. Japan continues to illustrate what happens when a country reaches the limits of policy effectiveness, something the Bank of England should note today (USDJPY Forex Trading Analysis).
USDJPY Forex Trading Analysis
During the course of the session on Wednesday, we could very well grind our way back towards the 102.50 level. The 100 level below should be massively supportive, and with that being the case I believe that the market is expecting the Bank of Japan to get involved if we break below that vital area that we have bounced off of twice over the course of the last couple of months.
USDJPY Short Entry Levels
More chances for a bearish continuation, what is confirmed by a recent multi time frame price action research, and important level zones Next webirar. How to use levels – 1. Wait till the level is reached, 2. Reversal pattern, 3. Confirmation , 4. Entry, 5. Target (intraday) is a last level on the direction mentioned with arrows. Reviewing the most recent PA 1&2 period patterns we have: 1W Bearish Pattern Knowing the patterns of a higher time frame is very important. Sometimes they can conflict one to another, but it gives us the information of the possible correctional moves, or a start of a new direction, so basically, every time when conflict exists, you must examine a chart whether it is a correctional pattern appearance or a new direction
Earlier this week, the government finalised a fiscal spending package worth more than 28 trillion yen ($275.9 billion)to kick start growth, which some economists say keeps pressure on the BOJ to pursue monetary policy in tandem with government spending. The BOJ disappointed the market last Friday when it decided against increasing government bond purchases or further lowering negative interest rates, cementing the view that it is running out of options.