USDJPY Forecast and Trade setup for the week 22nd April, 2014

USDJPY Forecast and Trade setup for the week 22nd April, 2014

Weekly Chart

• We are still stuck in a tight range for nearly 3 months now, however getting close to the ascending trendline, which could provide some support for some action
• My bias still Bullish

Daily Chart

• We had a continous bullish days last week, where we have broken slightly resistance,
• Today's candle is showing some bearish price action, but this could be a retest of the breakout zone / retest support before continuation to the upside
• Note there is the ichimoku clouds which could give some resistance
• Bias is bullish since we have broken the descending trendline, and had retested the bottom and rejected also from an long term ascending trendline.

Hourly Chart

• Although we have broken resistance, and trading majority in the s/r zone, I believe what is stopping the bullish momentum is the Monthly pivot, and confluence of the 50% fib and the clouds.
• Having the strong resistance, it could be possible for price to pull back and reload again to the upside to break it.

Outlook Trade opportunity

If price pull back, could look at Price action candle bullish pattern at good fib levels / kumo clouds

Risk Level Med

Tips -

Always take note of any economical news event on our provided calender below