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PhilipOscar Trading Journal

Today Predictions about the USDJPY & EURJPY

Forecast about the USDJPY


The USDJPY OR US DOLLAR VS JAPANI YEN settled near 104.210, and we note that the stochastic indicator begins to get rid of its negative momentum to approach the oversold areas, waiting for the price to stimulate the resumption of the bullish trend and breach the aforementioned level to confirm the extension of the bullish wave towards 104.300 , which represents our next main target We maintain our bullish expectations for today, as long as the levels of 104.700 and 105.00 remain intact.

Resistance: 104.510 - 104.6801 - 105.3100
Support: 104.700 - 104.860 - 105.200

USDJPY is rose to move away from the support of the ascending channel, and we believe that the path is open to reach the main awaited target at 104.540 supported by the moving average 50. The
negativity of the current stochastic may cause some temporary bearish tendency before resuming the expected rise, noting that a break of 105.200 may have occurred. The price is pushing to test the pivotal support 105.690 again, before any new attempt to rise.
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US dollar vs japani yen and the price retreated and was able to break the bottom No. To a large extent a false break, the price returned again to return to the rise and broke the moving average, so I am waiting for the price to succeed in breaking the top number 1 in order to continue in the upward directional movement and the correction ends

As we can see on the chart of the clock frame the price is moving at the present time for a corrective movement and this is normal for the markets to wait for the news of the Japani yen interest , but until now the upward trend is still the most probable, so there is no A reason for the ascending channel , but the price needs to break the main peak No. 1 in order to continue the bullish directional movement. As for the decline in the event the data is negative, the price needs to break the bottom No. 2 in order to make sure that the upward trend movement ends


Forecast about the EURJPY


The EURJPY pair declined during the trading session on Monday , reaching towards the 126.19 level, before bouncing slightly at the end of the day. The market is consolidating overall, and there is not much of an up or down breakout from here. Beyond that, we have a larger consolidation area that starts at the 125.61982 handle and extends towards the 126.049 level. If we break down above the 125.860 handle, the market is likely to rise to the upside, and may achieve the mentioned move towards 125.400

Resistance: 126.090 - 125.800 - 125.510
Support: 125.900 - 125.620 - 125.310

As we note in the chart I mentioned previously, the pair fell strongly and rose a little. This is the most important selling areas and places of strong resistance because the price visited it at the beginning of the current year and strong resistance and suitable places for sale. 126.200 and the other 125.850

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Day trading on EURJPY According to the H1 timeframe, the EURJPY is moving south, and so far below 126.078 , the south has priority, and a break of 25.700 opens the trading season. To break south in H1 it is necessary to finish 125.700 , after 125.500 I am waiting for another approach south until 125.200 . This is all we have in H1, and now let's look at what the smaller time frames indicate.
Buying might continue by continuing to raise the pair towards 105.600 resistance levels near the 126.080 -125.920 are. On the other hand, the 125.7820 handle is likely to protect the immediate downside, which if broken, could lead to some violent unwinding of long trades and accelerate the slide towards the 125.710 -125.620 support area.


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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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