July 29, 2016

  • Month chart shows previous resistance around 1400 levels. 
  • Price also reaching month cloud which may act as resistance.
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  • 4 Hour chart and daily chart shows price in a range.
  • A Daily close is needed outside this range for a directional move to start. 
  • The earnings news so far failed to increase the volatility. Looks like index is yet to decide which way to go.
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  • USDJPY Daily resistance line and cloud acted as resistance for the pair. News event did not take the pair above its daily cloud.
  • Now crucial support for the pair is at 100 as discussed in yesterday's post. the 50% Fib level in month chart is at 100. Further weakness for the pair only if price starts to trade below this level.
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  • One hour continues to trend in favour of crude oil bears. All consolidations are resulting in new lows for this time frame.
  • Daily chart is near 200 SMA. For now 200 SMA is around 40.40 levels approx. 
  • Weekly chart shows the possible formation of an Inverted Head and Shoulders pattern. Current fall if limited to the 200 SMA or around it there could be a reversal to form the right shoulder of the pattern. But if price starts to close below 38 levels this possibility will start to faint. 
  • USDJPY Chart Analysis
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"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore