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USD/JPY Triple Bottom Pattern Consolidation Breakout

January 10, 2018 20:59

As the BoJ commences a slow process of tapering, this in theory has pushed traders into buying JPY. We already saw it in my previous GBP/JPY analysis. In addition, this has the side-effect of selling risky assets, and we saw Equities pullback from recent highs in alignment with rising JPY demand. Whilst US data has been mixed, with Consumer Credit rising, but lower JOLTS jobs openings, all eyes will be on US CPI and Retail Sales data later on Friday.

The USD/JPY has been consolidating (yellow highlight) within a larger running triangle, and it has formed a triple bottom pattern precisely at M L3 support. The pair broke lower trend line/ W L4, and now it is trying to break W L5. A retest of the POC zone 112.00-35 could reject the price again but a 4h close below the W L5 111.78 could target lower camarilla levels. Targets are 111.38 ( M L4), and if it breaks next target is 110.84 (previous low), followed by 110.30 M L5 camarilla

W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

M H4 - Monthly Camarilla Pivot (Very Strong Monthly Resistance)

M L3 – Monthly Camarilla Pivot (Monthly Support)

M L4 – Monthly H4 Camarilla (Monthly Strong Daily Support)

POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.