2018.1.31 FX-ON submission time 11:35 Dollar/Yen price movement forecast and scenario
Dollar/Yen Forecast: Reviewing the Previous Dollar/Yen Price Movement Forecast
A variety of traders at different levels participate in the USD/JPY market.Because of that, the content of the charts each trader is watching differs, and some traders recognize a long entry point because the price has reached a support/resistance level that has functioned three times on the weekly chart in the past. Similarly, some traders see the current point as near support because it is in a triangle consolidation pattern or within a range, so they view it as a long opportunity.
Conversely, some traders view the up-break of the weekly flag as a potential false breakout and think there is a high possibility of breaking the resistance/support levels based on chart patterns, while others see the three-time-functioning resistance/support as likely to break soon.
With various expectations, it feels like the bullish momentum tends to become larger.
Last Time USD/JPY Forecast (Click the image to go to the article)
Last USD/JPY Forecast: USD/JPY 15-Minute Chart
Today's USD/JPY Forecast: Building a Price Movement Scenario for USD/JPY
From a 15-minute perspective, the chart pattern looks like the highs are getting lower and the lows are horizontal, forming a descending triangle.
Therefore, we see a higher likelihood of a slight downside break.＜Posted 2018.1.31 09:00＞
● Scenario 1
If the price breaks above the triangle consolidation, it may rise to around 108.950–109.050, followed by a range or a pullback. A breakout above the consolidation will be published further on the site
● Scenario 2
If the price breaks below the triangle consolidation, it may fall to around 108.600–550, followed by a range or a pullback. A breakdown below the consolidation could take it to around 108.450–400. A breakout above the range or a pullback could push it to around 108.800–750. If it falls to around 108.450–400 and then moves lower, a further move down could break 108.000.
Continuation ishere
If the price breaks above the triangle consolidation, it may rise to around 108.950–109.050, followed by a range or a pullback. A breakout above the consolidation will be published further on the site
● Scenario 2
If the price breaks below the triangle consolidation, it may fall to around 108.600–550, followed by a range or a pullback. A breakdown below the consolidation could take it to around 108.450–400. A breakout above the range or a pullback could push it to around 108.800–750. If it falls to around 108.450–400 and then moves lower, a further move down could break 108.000.
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