empty
 
 
22.01.2020 02:15 AM
Technical analysis recommendations for USD/JPY and its crosses

USD / JPY

This image is no longer relevant

The yen began in 2020 with the realization of what did not work out last year. So far, the pair closed the week in the bullish zone of the relative weekly cloud. Now, the main task of the players is fixing in this zone to increase in the near future. After that, monthly resistance will follow 110.70 - 110.83 - 111.40. However, breaking through the monthly boundaries is a more difficult task, since this will eliminate the monthly dead cross and mark the exit to the bullish zone of the relative Ichimoku cloud at the most upper time. In this situation, support is located at 109.50 (weekly cloud + monthly medium-term trend + daily short-term trend) - 109 (weekly Tenkan and the lower border of the cloud + daily Kijun and the upper border of the cloud) - Fixing below 108.08-30 can move players away from their goals for a long time.

EUR / JPY

This image is no longer relevant

At the beginning of the year, the pair attempted a new test of important resistance, but the first target of the daily target for breakdown of the cloud (122.55), now strengthened by the lower border of the weekly cloud (122.71), withstood the defense again. As a result, we observe the next development of a downward correction. The nearest support is the daytime cross of Ichimoku, first Tenkan (121.96), then Kijun (121.48), as well as the most protected area 121.24 (weekly Tenkan + daytime cloud + final line of the daytime cross of Ichimoku). At the same time, securing below can significantly affect the current balance of power, opening up new prospects for players to decline.

GBP / JPY

This image is no longer relevant

The pound / yen is trying to gain a foothold and stay in the bullish zone relative to the weekly cloud, using the cloud as support. Now, the main attention of the players to increase is aimed at breaking through the weekly short-term trend (143.65) and eliminating the dead crosses of Ichimoku at the daily (144.38 - 145.21) and monthly (145.07) time intervals. Moreover, breaking through these resistance forms new horizons and opportunities before the players to increase. The nearest support, in turn, can now be identified at 141.54 (monthly medium-term trend + daily cloud) and 140.34 - 139.12 (weekly levels + lower border of the daily cloud). Fixing below will change the existing balance and can lead to an active recovery of bearish sentiment.

Ichimoku Kinko Hyo (9.26.52), Pivot Points (classic), Moving Average (120)

Evangelos Poulakis,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback