USDJPY Technical Analysis 2015, 03.05 - 10.05: Daily Breakout Reversal to Primary Bullish Trend

USDJPY Technical Analysis 2015, 03.05 - 10.05: Daily Breakout Reversal to Primary Bullish Trend

5 May 2015, 09:11
Sergey Golubev
12
724

Daily price was on bearish ranging market condition since the middle of April this year located inside Ichimoku cloud/kumo. The reversal from the primary bearish to the bullish condition was started on Friday last week by breaking Senkou Span A line from below to above on close D1 bar. For now the daily price was stopped by 120.28 resistance level for the bullish trend to be continuing.

D1 price is on reversal from the primary bearish to primary bullish condition:

  • The price crossed Ichimoku cloud/kumo and Senkou Span A line (which is the virtual border between the primary bullish and the primary bearish on the chart) on open D1 bar for possible reversal of the price movement from the primary bearish to the primary bullish on D1 timeframe.
  • Tenkan-sen line is below Kijun-sen line of Ichimoku indicator and both lines are moved in fully horizontal way which is indicating that the reversal to the primary bullish may be going on for now.
  • Chinkou Span line broke the price from below to above for breakout to be started on close bar.
  • Nearest support level is 118.49 (D1)
  • Nearest resistance level is 120.28 (D1)

W1 price is on bullish market condition with secondary ranging between 118.32 (W1) support level and 122.02 (W1) resistance level

MN price is stopped by 122.02 resistance level within the primary bullish condition

If D1 price will break 118.49 support level on close D1 bar so the primary bearish will be continuing without secondary ranging
If D1 price will break 120.28 resistance level so we may see the reversal to the primary bullish condition on this timeframe
If not so the price will be ranging between 118.49 and 120.28 levels with primary bearish

  • Recommendation for long: watch close D1 price to break 120.28 for possible buy trade
  • Recommendation to go short: watch D1 price to break 118.49 support level for possible sell trade
  • Trading Summary: breakout
Resistance
Support
120.28 (D1)
118.49 (D1)
122.02 (W1)
118.32 (W1)
122.02 (MN1)
104.09 (MN1)







SUMMARY : reversal
TREND : ranging
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