We are in bullish mode on USDJPY currency pair
Here is the forex forecast and forex technical analysis for USDJPY January 19 2015. USDJPY pair is struggling to maintain is uptrend in the last trading week. In fact in small time frame it showed some indication of coming down trend. But on bigger time frame still it shows an upward bullish indication of coming days unless it breaks the current strong support level 116.850.
USDJPY monthly technical analysis still shows us a bullish indication. We have drawn a upward Fibonacci level from 18/5/2014. It gives us a 23.6 Fibonacci level on 116.850 price level. Though market falls in lower time frame but somehow USDJPY was able to retain the current support level. So we are expecting that usdjpy currency pair will touch our monthly target level 124.000.
Weekly forex forecast of USDJPY tells us that market might maintain the uptrend in coming weeks. On the weekly chart we can see that the market maintained the support level 116.850 price level. Last week candle was a bull candle but it stopped over that important support level. We are expecting that market will bounce back from here.
In our USDJPY daily forex forecast we are expecting that market will go to our target level 124.000. Though currently it is falling. The last two candles on the daily chart is very lucrative. There was a bear candle followed by a bull candle and this week market will open above the last bear candle which will be a nice signal for coming uptrend on usdjpy dail chart.
If we consider the H4 chart of USDJPY pair we can see that 50 EMA already crossed the 200 EMA it might be an indication of coming downtrend. But as we discussed above, in longer time frame the pair is still bullish. We are expecting a short term downward move above 116.850 price level and from there it will give us an entry signal for a longer upward trend.
On the H1 chart the USDJPY pair already made a down trend. But as we told, it might be a false signal till market beats the 116.850 support level on longer timer frame. We have drawn a psychological resistance level on H1 chart that is 118.212. We want to wait that market will cross that level and after then we will go for an long entry. If market again falls and maintain the 116.850 support level we can make an entry too.
Team YellowFX is bullish on USDJPY currency pair. Though the pair confirmed a downtrend on H1 chart but we are watching at longer time frame and its still indicates us an upward trend, but we will carefully watch this pair and choose our long entry very carefully.