USDJPY Forecast for the week 17th March, 2014
Weekly Chart
- Last week's Candle action is pretty negative, however have closed the week pretty much eating all the gains from the previous week but not penetrating its lows
- Lower body of the Weekly Candle is flat for the last three weeks showing respect the 50% retrace level support
- Stochastics is rising
Daily Chart
- On the daily, it is easy to see that the current support level has been respected 4 times (including Last Fridays)
- We have fallen back below the clouds
- Be aware that Stochastics is performing a lower low, but the price did not perform a lower low (we have same lows)
- My Bias is that the market could retrace to a fib 50 level / which is also where the clouds are
Hourly Chart
- Both charts are H4 -
- There are two obstacles to go through this week if market was to retrace back to fib 50/61.8 level where it is also where the Clouds are (more strength to act as resistance)
- Weekly Pivot and Monthly pivot both is between the 23.6 and 36.2 level, , and if we look left, there is minor s/r there
Outlook Trade opportunity
Since Friday Night, I have a long on the USDJPY .
Please also consider the Correlation between the Nikkei (I have an analysis on that as well)
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