USDJPY Free market analysis for week 42 (16 Oct 2023)
This week’s free market analysis is on USDJPY.
MONTHLY TIMEFRAME
USDJPY on the monthly timeframe has been in an overall down trend but currently bullish. USDJPY is strengthening and try to change its trend to bullish. USDJPY is currently trading up but stock in a major key level.
WEEKLY TIMEFRAME
USDJPY on the weekly timeframe has traded up and price has been respecting key levels. Price traded to the the major resistance level at 149.300 and it rejected, traded to close to the support and change it sentiment back to the resistance and price is currently trading at the resistance.
See Also: AUDUSD Free market analysis for week 41
DAILY TIMEFRAME
USDJPY on the daily timeframe has been in an uptrend making series of lower low and lower highs. Price has traded along side with a trend line which made its first touch at 138.140 and made its second touch at 147.317. Price has traded to the major resistance level and its finding it difficult to break.
4 HOURS TIMEFRAME
USDJPY on the 4 hours timeframe is currently trading at the major resistance zone. price is still making series of higher high and lows after a massive price spike downwards. we are waiting for price to break and trade above the first swing high at 149.846 and the second swing high at 150.177 but in a case where price rejects and goes short if it breaks the first swing low at 149.307 and second swing low at 148.965 then we might react and change our sentiment to bearish.
PRICE PROJECTION FOR USDJPY ON OUR FREE MARKET ANALYSIS:
overall usdjpy price is bullish and our position will be long as we cant trade against trend, our confirmation for our entry will be a break above the major resistance and a break above the swing highs, we can only enter when we see price break these levels and retest the major level i.e to take out internal range liquidity and gain momentum to move to its direction.
CONCLUSION
This free market analysis is not a guarantee for profitability while trading the USDJPY pair, but the author’s professional opinion. We therefore advise the reader to use the free market analysis as a guide while carrying out their individual analysis.
