USDJPY for FOREXCOM:USDJPY by JackyTong96 — TradingView


From the technical view:

1. From the Monthly perspective, overall trend is bearish but the price rejected from the major support area which keep rejecting from the same area according to the historical price , so we might see a minor bullish pressure before it continue move to the downside.

2. From the Weekly perspective, the situation is almost same as the Monthly perspective, we still can remain the minor bullish pressure on the weekly point of view.

3. From the Daily perspective, price created a fake break out to the downside, and closed back above the support area , intend to create an equal high; if it will created an equal high, we can expect a retest again to the support area for the creation of the IHNS pattern.

From the fundamental view:

1. Big players are quite bullish JPY

2. In today new report, they don’t have any action in the JPY, which means no proper adding long and short at the moment, but huge closed on the short positions on the JPY, which means they are not interested in selling JPY, so we can see that they are quite bullish on JPY even no proper adding the long position on JPY yet.

How to approach USDJPY?

1. As mentioned on TA part, waiting for the price create an equal high with a retest again on the Daily perspective for the creation of the IHNS pattern.

2. If the IHNS pattern will be formed, then go to the lower timeframe looking for the potential long opportunity if your rules of the strategy are fulfilled.

The result might not follow my analysis, this analysis is based on the TA & FA perspectives.

Comment down below let me know your view on USDJPY or which pairs you would like to me analyze in the future.

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