USD/JPY: maintains its long movement, is it time for a new long?

28.04.2017 / 11:57

Rating:

USD/JPY: Breakaway of the diagonal resistance, reversed for a test.

Possible H&S formation with a breakaway of the neck line and test.

Price action signal for a long movement, engulfing bar on support levels, test of the neck line of the H&S figure.

CCI(50) above 0 levels, CCI(14) going above -100 - bullish signal.

20 EMA above 50 EMA, price above 20 EMA, short-term movement is long.

The engulfing bar is not closed yet, so the entry is risky for the moment. It would be better to wait for a better price around 111.27, or the clock to get closer to 12:00. The point for that is to see if the bar is engulfing or at least reversing.

If the price goes with 5 or more pips under the open price on the previous 4-hour bar, or closes under it, the long movement might be denied.

Stefan D. Angelov - Head of Stocks Trading

Varchev Traders

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USD/JPY: maintains its long movement, is it time for a new long?

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