USD/JPY Forex Dance Technical Analysis

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USD/JPY Forex Dance Technical Analysis

The pick of the day is USD/JPY which personally, never disappoints me. Today we’re going to take a longer-term route and looking at the weekly dance floor, where the pair seems to have just finished completing wave 4 of the first 5 impulsive Elliott Waves and on its way to forming wave 5, which means we shall expect more gains in the coming weeks.

Throwing in an Ichimoku indicator, the pair is dancing above the Ichimoku cloud with the Tenkan line which is shown in gold, crossing above the prices, also signaling more gains.

These were all on the weekly dance floor. If we zoom in to the daily chart, we see the formation of 3 bullish candles scratching the lower band of Mr. Bollinger, so after a bit of a pullback, we may see the pair dance back up to the middle of the Bollinger bands.

Daily support is seen at 101.812 and resistance at 105.307.

Thanks for watching!