What a pleasure to be back at the start of this festive season with Christmas just around the corner.
Indeed, the market will surely be greeting us with a chorus of opportunity!
Let’s begin the week with one of my highly esteemed pairs; the USD JPY.
The monthly chart has been heading down since June 2007, completing November by retracing to a weighty support level.
The weekly chart (below) reveals that price closed below a major trend line last week, which has famously behaved as a firm resistance level.
Note also that price has sealed itself at a significant support at 96.
Lesser time frames together with other technical indicators appear to confirm a strong probability of a breakdown towards a noteworthy support cluster at the figure 90.
Remember, confirmation must cautiously be sought before sanctioning this opinion.
USDJPY weekly chart Advanced Get
Below is the 4 hour chart for the same.
Price is currently bouncing within a range. Informed analysis will boast a breakout looming as the squeeze tightens its grip.
By fervently following your “entry” rules, you should picture a prize almost certain to yell out the “Yen Yuletides!”
USDJPY 4 hour chart Advanced Get