USD/JPY flag formation targets 150.40
DXY (USD Index) - we have seen a correction to the downside. Support levels are located at 103.20 and 103.18. With the 61.8% Fibonacci support located at 103.19, I look for dips to be bought.
JPY Basket - we have seen a breakout of the expanding wedge formation to the downside. This pattern has a measured move target of 6573. We look to be building a Crab pattern. This will not be completed until 6418. This would be a new multi-year low for the JPY basket (previous 6460).
Correlation studies suggest further upside pressure for USD/JPY.
USD/JPY - we have broken out of a flag formation to the upside. The measured move target is located at 150.40. Bespoke support is located at 147.65.
Conclusion: there is no clear indication that the rally is coming to an end. The prime long entry is located at 147.65. We continue to target 150.40, and possibly beyond.
Resistance: 148.89 (swing high), 150.40 (flag target) 151.91 (2023 peak)
Support: 147.65 (bespoke), 146.70 (bespoke), 146.69 (reverse trend line)
JPY Basket - we have seen a breakout of the expanding wedge formation to the downside. This pattern has a measured move target of 6573. We look to be building a Crab pattern. This will not be completed until 6418. This would be a new multi-year low for the JPY basket (previous 6460).
Correlation studies suggest further upside pressure for USD/JPY.
USD/JPY - we have broken out of a flag formation to the upside. The measured move target is located at 150.40. Bespoke support is located at 147.65.
Conclusion: there is no clear indication that the rally is coming to an end. The prime long entry is located at 147.65. We continue to target 150.40, and possibly beyond.
Resistance: 148.89 (swing high), 150.40 (flag target) 151.91 (2023 peak)
Support: 147.65 (bespoke), 146.70 (bespoke), 146.69 (reverse trend line)
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.