• Duncan Cooper , Senior Market Strategist & Trading Mentor at ACY


• 06.01.2022 09:45 am
#stocks

Overview:

Watch the video for a summary of this week’s news releases and a complete Top-Down Analysis of the USDJPY which has broken above the 115.51 weekly resistance level.

USDJPY Monthly:

Monthly support at 114.72, resistance at 116.46, and 118.65.

The monthly chart is in an uptrend showing higher tops and bottoms. Price has broken above the 114.72 monthly resistance level.

USDJPY Weekly:

Weekly support at 115.51, resistance at 116.46.

The weekly chart is in an uptrend. Price has broken above the 115.51 weekly resistance level. 

Long-term target 118.65 monthly resistance.

USDJPY Daily:

Daily support at 115.51, resistance at 116.46.

The daily chart is in an uptrend. In the short term, price is overextended having traded above 116.00. 

Looking for price to retrace back to the 115.51 weekly support level. Price holding at the 115.51 weekly support level would present an ideal opportunity to buy for the next advance in line with the higher time frame uptrend.

Short-term target 116.46 monthly resistance, long term target 118.65 monthly resistance.

Watch the video for a full breakdown of my analysis on how you could either trade this pair to the upside or downside, all depends on whether the 115.51 weekly support level holds or fails.

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