USDJPY Daily and Weekly Outlook for 30th December, 2013 (MONDAY)
Weekly Chart
- Trend is Bullish
- Weekly candle is bullish
- Stochastics is overbought but still going north (slightly)
- RSI is near overbought
- Clear break upwards from previous yearly high,
- Long term descending trend line is near together with 61.8 retracement level
My view long term is bullish and will break out of the descending trend line. It appear to me that we are starting the C to D leg.
Daily Chart
- Trend - Uptrend
- Stochastic although overbought, still going north
- RSI reading is above 70
- Currently trading just below the 161.8 fib ext from the candle which broke the resistance - this might hold as short term resistance,
On the Daily Chart, it tells me it still wants to go north , and for real shorting opportunity I would be looking at the 200fib ext. Currently trading just below the 161.8 fib ext from the candle which broke the resistance - this might hold as short term resistance, and maybe could have scalping opportunity for shorts in the hourly of lower.
My view is that market should go up to the 106's , how it gets there is either we shoot up there, or retrace and test the breakout level at around 104.30 before going up
Hourly Chart
- Trend - Bullish
- Stochastic is pointing down from overbought zone
- RSI also pointing down from overbought zone
- We might want to retest breakout area from Friday which is also the Daily Pivot line 105.0
On the hourly shows good breakout from Friday, We might have a breather and retrace to retest the 105 before going north again.
Outlook Trade opportunity
#1 - Long at Daily pivot 105.00 with confirming price action.#2 - For aggressive traders - currently opportunity to short and target Daily Pivot area (because of the indicators pointing south and price action early asian session)
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