IT LOOKS LIKE TRADERS HAVE MOVED OUT OF SAFE HAVEN CURRENCIES AS DOLLAR STRENGTH RETURNED TO THE MARKET OVERNIGHT & MAYBE GEOPOLITICAL RISK TAKING A BACK SEAT FOR NOW. THE JAPANESE YEN LOST GROUND AS A RESULT. THE U.S DOLLAR GAINS WERE ALSO SUPPORTED BY HAWKISH COMMENTS FROM FED PRESIDENT OF NEW YORK WILLIAM DUDLEY WHO IS STILL SUPPORTIVE OF ANOTHER HIKE. SO AS A DOLLAR BULL I AM LOOKING FOR OPPORTUNITIES TO GO LONG ON THIS PAIR.

USDJPY DAILY

MARKET IS SIDEWAYS, MOVING AVERAGES ARE FLAT. DAILY CHART IS CURRENTLY RANGING. STOCHASTICS HEADING NORTH. RESISTANCE IDENTIFIED @ MPP, MM3, MR1, & MM4(TOP OF THE RANGE)

USDJPY H4

55 ABOVE THE 21 SUGGEST MARKET IS STILL BEARISH, HOWEVER ALL MOVING AVERAGES A CONVERGING. IMMEDIATE RESISTANCE IDENTIFIED @ WR1. STOCHASTICS IS OVERBOUGHT.

USDJPY H1

MARKET IS BULLISH, 21 ABOVE THE 55. PRICE IS BULLISH, 5 SMA ABOVE THE 8. RESISTANCE IDENTIFIED @ DR2 & WR1 CONFLUENCE PIVOT. STOCHASTICS IS OVERBOUGHT. MY PLAN IS TO WAIT FOR PRICE TO PULL BACK TO SUPPORT BEFORE GOING LONG AS ILLUSTRATED BY THE LINES DRAWN ON THIS CHART.

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