Chinkou Span line of Ichimoku indicator is crossing historical W1 price on open bar for possible bullish breakout. Besides, W1 price crossed 100.43 resistance level on open bar too which is indicating that this breakout may be really started on the near future depends on where next W1 bar will be open for example.
D1 timeframe - breakout's going on with ranging market condition as a secondary trend.
H4 timeframe - correction was started inside primary bullish. The H4 breakout may be continuing if the price will break 101.35 resistance line (good to open buy trade)
If the price will cross 101.35 resistance level so breakout will be continuing for whole the week.If the price will cross 100.74 support level from above to below so we can get correction within primary bullish (good to open sell trade)
If new W1 bar will be opened below 100.43 level so we will see ranging market condition for this pair sorry.
UPCOMING EVENTS (high/medium impacted news events which may be affected on USDJPY price movement for this coming week)
2013-11-25 23:50 GMT (or 00:50 MQ MT5 time) | [JPY - Monetary Policy Meeting Minutes]
2013-11-26 15:00 GMT (or 16:00 MQ MT5 time) | [USD - Consumer Confidence]
2013-11-27 23:50 GMT (or 00:50 MQ MT5 time) | [JPY - Retail Sales]
2013-11-28 23:30 GMT (or 00:30 MQ MT5 time) | [JPY - National CPI Core]
2013-11-29 05:00 GMT (or 06:00 MQ MT5 time) | [JPY - Housing Starts]
Please note : some US (and CNY) high/medium impacted news events (incl speeches) are also affected on USDJPY price movement
SUMMARY : possible ranging
TREND : bullish
101.35 resistance level was broken for H4 :
and 100.43 resistance was broken for W1 :
newdigital, 2013.11.26 08:20
Yen strengthens after BoJ minutes
The yen strengthened in Asian trade Tuesday despite three of the nine
Bank of Japan board members seeing a greater downside risk to the
economy than the majority view of balanced risk, according to the
minutes of the Oct. 31 policy meeting released earlier in the day. USD/JPY traded at 101.49, down 0.19%, in a range of 101.34 - 101.73 after the minutes..Bank
of Japan board member Takehiro Sato said downside risks to weaker
prices is somewhat higher than the upside, while colleague Takahide
Kiuchi repeated his call for greater price target flexibly. Sayuri
Shirai said attention needs to be paid to downside risks to economic
activity and prices.The Bank of Japan is aiming for sustained
annual inflation at 2% by 2015 through an aggressive easing policy that
is supposed to work in combination with government economic reforms.At the meeting, the Bank of Japan board, by a unanimous vote, kept the bank's policy target unchanged as expected.
MetaTrader Trading Platform Screenshots
USDJPY, M5, 2013.11.26
MetaQuotes Software Corp., MetaTrader 5, Demo
USDJPY M5 : 16 pips price movement by JPY - Monetary Policy Meeting Minutes
23 pips price movement by USD - Consumer Confidence
newdigital, 2013.11.26 16:29
if actual > forecast = good for currency (for USD in our case)
U.S. Consumer Confidence Unexpectedly Continues To Deteriorate In November
After reporting a sharp drop in U.S. consumer confidence in the
previous month, the Conference Board released a report on Tuesday
showing that confidence unexpectedly saw further downside in November.
The Conference Board said its consumer confidence index dipped to 70.4 in November from an upwardly revised 72.4 in October.
decrease came as a surprise to economists, who had expected the index
to climb to 72.9 from the 71.2 originally reported for the previous
well ... all resistance lines were broken so it is weekly breakout (read name of the thread for example). But I am sorry - Chinkou Span crossed historical price on open bar only. So, we can wait for the next week with same question : Weekly Breakout or Daily Bullish Correction?
USDJPY, W1, 2013.11.27
USDJPY, D1, 2013.11.27