2017.7.17 08:00 Dollar/Yen price movement forecast and scenarios
USD/JPY Forecast: Reviewing the Previous USD/JPY Price Movement Forecast
The morning movement initially seemed like it would go up, but in the end it could not break through the resistance near 113.600, and after the indicators we quickly fell below the 112.900 support, resulting in a substantial decline. On the 4-hour chart, there was a forecast that it would drop to around 112.300, but the mental strain became too much, and I exited the shorts. If automated trading (EA) is implemented, such mental issues will be resolved.Previous USD/JPY Forecast July 14, 2017 06:55 Post Scenario (Click the image to read the article)
Previous USD/JPY Forecast July 14, 2017 USD/JPY 60-minute Chart
Today's USD/JPY Forecast: Building a Scenario for USD/JPY Price Movement
＜Posted July 17, 2017 07:45＞Since we broke below the 112.900 support, we cannot adopt a long viewpoint until we surpass this level. As you can see on the daily chart, this was a price range that had repeatedly bounced, so because it was a strong support, it has now become a strong resistance. In order to accumulate energy to break higher and to break lower, today there is a somewhat higher likelihood of a narrow range consolidation.
● Scenario 1
If we break above the range of 112.450–650, we could extend to around 112.850, then consolidate in the 112.700–850 range, and break higher toward around 113.050. If we break lower, there is a possibility of dropping toward around 112.450.
● Scenario 2
If we break below the range of 112.450–650, we may drop to around 112.300–350, followed by a pullback or consolidation. If we break below the July 14 low of 112.257, there is a possibility of breaking to around 111.850.
The article on the site ishereThe article requires a password.If we break above the range of 112.450–650, we could extend to around 112.850, then consolidate in the 112.700–850 range, and break higher toward around 113.050. If we break lower, there is a possibility of dropping toward around 112.450.
● Scenario 2
If we break below the range of 112.450–650, we may drop to around 112.300–350, followed by a pullback or consolidation. If we break below the July 14 low of 112.257, there is a possibility of breaking to around 111.850.
Initials are plo + ●●●
●●● ishereClick here to obtain the password
× ![]()
