2018.1.17 FX-ON Submission Time 09:40 Forecast and Scenario for USD/JPY Price Movement
USD/JPY Forecast: Reflecting on the Previous USD/JPY Price Movement Prediction
I received a LINE message from my wife saying she might be going into labor, and I was glued to my phone beside the site administrator, but it ended up being a miss. I’m feeling a little sleep-deprived. The previous forecast mostly matched the actual price movement. It moved back and forth between the highs and lows.Previous USD/JPY Forecast (Click the image to go to the article.)
Previous USD/JPY Forecast: USD/JPY 15-minute Chart
Today’s USD/JPY Forecast: Building a Scenario for USD/JPY Price Movement
From a daily chart overview, the neck line is located near the right shoulder-downwardly forming a double top, or at the lower part of a downward-sloping channel line.
If you extend to a weekly chart, it looks like this.
On the daily chart, since the price is located at the bottom of the channel line, there is an image of a struggle between buyers and sellers. In this skirmish, which side will be KO’d, and which side should you follow—strong movements are needed.
If it goes up, it would be around the upper part of the channel line. Cyclically, it could rise toward around 112.500 and then consolidate.
If it goes down, looking at the daily and weekly charts, if it breaks below 110.000, the next area of consolidation around 109.700 is expected. ＜2018.1.17 09:00 Post＞
● Scenario 1
Publicly available on the site
● Scenario 2
If it breaks below 110.300–450 range, it will drop to around 110.150–110.050, with a range-bound movement or a pullback. If it breaks below the range, it would fall to around 109.900–800. If it breaks above the range, it could rise to around 110.450. After dropping to around 109.900–800, it may consolidate or pull back. If it breaks below the range again, it could fall to around 109.750–650. If it breaks above the range, it could rise to around 110.250–150. If it drops to around 109.750–650, there is a possibility of a rebound from there.
Publicly available on the site
● Scenario 2
If it breaks below 110.300–450 range, it will drop to around 110.150–110.050, with a range-bound movement or a pullback. If it breaks below the range, it would fall to around 109.900–800. If it breaks above the range, it could rise to around 110.450. After dropping to around 109.900–800, it may consolidate or pull back. If it breaks below the range again, it could fall to around 109.750–650. If it breaks above the range, it could rise to around 110.250–150. If it drops to around 109.750–650, there is a possibility of a rebound from there.
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