Daily Technical Analysis

Forex Analysis – USDJPY Fibonacci trend change on larger time frame

Forex Analysis – USDJPY Fibonacci trend change on larger time frame

These fibonacci retracements ar drawn automatically according to a particular set of rules, time and time once more – this takes me and my subjective viewpoint out of the equation and allows the recurring nature of the fib patterns to show. The fib patterns on this chart were calculated using Weekly bar information, and overlaid over a daily chart. Weekly-based fibs get above a lot of the static of lower timeframe fibs. in this chart USDJPY went from 111 to 100 in June with hardly a pause. It then stayed in an almost perfect channel that spans the 0.33, 3.82%, 50% and 61.8% retracements. A weekly close outside the red or Green Line indicates a trend reversal or continuation and a new set of fibs ar drawn. according to this methodology, USDJPY recently reversed trend as it closed above the 61.8 (on a weekly timeframe) and a new set of fibs were drawn indicating an uptrend with a -23.6% target around 113.25. If the Green Line holds there’s potential for a 500th retracement to around 106.

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In Other View Point – USDJPY H4  Consolidation already over?

If we dont break the trendline and keep creating higer highs i think it goes up to the firstly final target around 115. after this an even bigger correction but at least i think we’ll reach 118 – 124.

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In Another View Point –  USDJPY continues to provide us with more trading options

Today i’d prefer to continue my analysis on the USDJPY. IF price can rally to 113.599 we’ll have the D completion point of a bear bat. we additionally had a completion of a 2618 trade set up. I didn’t get filled the 2618 yet. IF price does come back down into the 112.111 level i’ll get long and ride price up into the completion of the D point of the Bat pattern for a stop & reerse trade.

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Mohammad Riad

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