USDJPY Weekly Outlook

18 Mar 2018

Looking at UJ from a weekly perspective we can clearly see that price is consolidating. This week I am expecting a break of consolidation on the weekly since there is quite a bit of news and all of the world events taking place. From the looks of it, I am expecting a break of consolidation towards the downside. Before this happens, I can see price retracing a bit, towards the 106.4-106.2 area, this is where I will be looking to take some short positions. With this in mind, if everything goes exactly as planned (which rarely happens) weekly consolidation will then break towards the downside breaking through the 105 price zone heading towards 104. You can see that I have highlighted a major wick, with a break down in price and the right momentum, this wick will eventually be filled and targeted as exit points.