USDJPY caught between many support resistance but I see bullish cup-handle pattern. Price is zigzag between shadows drawn on 07 June.
Colonel Kink Forex Reporter uses simple support resistance technique to analyse EURUSD, GBPUSD, USDJPY, AUDUSD for swing and day traders. Technique: attach horizontal line to each turning point or kink in weekly timeframe last 12 months. Tight clusters form a dark shadow that may be next turning point.
2 overlays, 8 charts of EURUSD, AUDUSD, NZDUSD, USDJPY, USDCNH, GBPUSD. Discussion of relative strength between major currencies, rotational play as well as their trend, major support and resistance zones.
Support and resistance levels drawn based on End-Of-day Close (forex pairs based on GMT+3, XAUUSD GMT+2). Pairs are USDJPY, XAUUSD, NZDUSD, EURUSD, AUDUSD, USDSGD, USDCHF and USDCNH. Charts from MT4.
Out of 7 USDJPY forecasts compiled in the beginning of the year, 6 appear to be wrong. It is 11 months too early to tell but does not bode well. Price takes the path of least resistance – JPY charts suggest this ‘least resistance’ path is down.
Compilation of end-2018 forecasts for EURUSD, USDSGD, AUDUSD, USDJPY and GBPUSD from sources.
Should sentiment and price action turn in favour of USD strengthening, USDJPY could become the pair to go to.