Weekly Analysis - USD/JPY
"On Monthly:
This pair, Since 2021 has been Bullish. That is due to Monetary policy of Japan that it seems recently it slowly changing.
There are two Historical Resistant (160.00 and 155.400) that have been touch, but not broken since 1997. BOJ always interfere with market once the price get to that level.
Last month on November, it hit 155.400 and got rejected and it made a Doji Bearish candle that can arguably called Shooting Star.
Price is close to 149.00 Psychological number as support in this case. If FED. don't raise the Interested Rate in the month of December, price most likely will bounce back up.
-- On Weekly:
Last three weeks It made an Evening Star candle formation and a solid Bearish Engulfing candle twice as big of previous candle and this week it's landed at 149.00 Support but a 50/50 Doji.
--On Daily:
They made multiple Dojis indicating the Bearish push from JPY is running out of steam.
Like other U.S Pairs;
Since it's the month of December,
AND US FED hinting rate cut,
AND new U.S GOV,
there is a uncertainty and undecided market.
-- On Hourly:
When you zoom out on Hourly chart, you may notice a broader Bearish set up, Falling Wedge that is formed. Once it hit 149.00, I would look at Bullish reversal set up back to 152.000."
This pair, Since 2021 has been Bullish. That is due to Monetary policy of Japan that it seems recently it slowly changing.
There are two Historical Resistant (160.00 and 155.400) that have been touch, but not broken since 1997. BOJ always interfere with market once the price get to that level.
Last month on November, it hit 155.400 and got rejected and it made a Doji Bearish candle that can arguably called Shooting Star.
Price is close to 149.00 Psychological number as support in this case. If FED. don't raise the Interested Rate in the month of December, price most likely will bounce back up.
-- On Weekly:
Last three weeks It made an Evening Star candle formation and a solid Bearish Engulfing candle twice as big of previous candle and this week it's landed at 149.00 Support but a 50/50 Doji.
--On Daily:
They made multiple Dojis indicating the Bearish push from JPY is running out of steam.
Like other U.S Pairs;
Since it's the month of December,
AND US FED hinting rate cut,
AND new U.S GOV,
there is a uncertainty and undecided market.
-- On Hourly:
When you zoom out on Hourly chart, you may notice a broader Bearish set up, Falling Wedge that is formed. Once it hit 149.00, I would look at Bullish reversal set up back to 152.000."
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