2018.1.26 FX-ON submission time 09:40 Forecast and scenarios for USD/JPY price movement
USD/JPY Forecast: Reviewing the Previous USD/JPY Price Movement Forecast
Today, my parents are coming over from my parents' home to see little Kura-kun’s face. Since our child was born, I’ve been too busy with personal matters to check charts regularly, and this week looks tough.
It formed a bottom tail without breaking the support, and today it denied a false breakout on the weekly chart, seen as a false breakout above the flag on the weekly level.
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: Constructing Scenarios for USD/JPY Movement
From the completed daily chart today, there are two resistance levels above. Whether price breaks above these with a daily close, or breaks the functioning support, will likely determine the major movement.
● Scenario 1
If a breakout occurs above the range of 109.400–109.650, it could rise toward around 109.750–109.800, then enter a range or correction. If it breaks out above the range, it could rise toward around 109.900–110.000. If it breaks below the range or in a correction, it could fall toward around 109.350–109.450. After rising to around 109.900–110.000, it may range or correct again around that level. If it breaks above the range again, it could rise toward around 110.150–110.250. If it breaks below the range or corrects, it could fall toward around 109.450–109.650. If it rises to around 110.150–110.250 and the upside momentum strengthens, it could rise toward around 110.350–110.450.
● Scenario 2
Available on the site
If a breakout occurs above the range of 109.400–109.650, it could rise toward around 109.750–109.800, then enter a range or correction. If it breaks out above the range, it could rise toward around 109.900–110.000. If it breaks below the range or in a correction, it could fall toward around 109.350–109.450. After rising to around 109.900–110.000, it may range or correct again around that level. If it breaks above the range again, it could rise toward around 110.150–110.250. If it breaks below the range or corrects, it could fall toward around 109.450–109.650. If it rises to around 110.150–110.250 and the upside momentum strengthens, it could rise toward around 110.350–110.450.
● Scenario 2
Available on the site
Continuation ishere
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