USD/JPY Technical Analysis
- Daily trend is up
- Key reversals both on D1 and H4
- ATR is 129 pips
- 137.39 is daily target
- Potential for 1.7200 zone
MEGATREND MAs: Bullish
H4 Chart USDJPY
- Key reversal 4h
- Pennant breakout
- Intraday target
- Swing target
USD/JPY is bullish. We can spot both daily and 4h bullish key reversal patterns. The double key reversal pattern is a technical analysis chart pattern that occurs when the price reverses twice within two consecutive chart patterns. In this case, the USD/JPY currency pair has formed a double key reversal pattern on both the daily and 4-hour timeframes. This pattern is considered a bullish signal, indicating that the current uptrend continues.
We can also spot a bullish pennant. A pennant is a technical analysis pattern that forms when a market price moves in a tight range, forming a triangle shape. In this case, the USD/JPY currency pair has broken out of a pennant formation. A pennant breakout is typically considered a bullish signal, suggesting that the current uptrend may continue. The intraday target for the USD/JPY currency pair is 137.39, which suggests that the price may continue to rise in the short term. The USD/JPY swing target is 137.90
This analysis, all the patterns and all entry signals and targets are a part of the Megatrend system Join my Telegram group to receive trading signals.
Cheers and safe trading,
Nenad
Summary of January trading results is HERE https://bit.ly/jan2023NKT
Cheers and safe trading,
Nenad
