Chart of the Day – USDJPY | Forex Technical Analysis

Chart of the Day – USDJPY | Forex Technical Analysis


– [Adam Taylor] Hi and welcome to Go Markets Chart Of The Day
coming to you from London. My name is Adam Taylor
and in today’s analysis we’ll be looking at the dollar yen on the four hour time-frame. If you enjoy this video
please leave us a thumbs up or you can message me directly
at [email protected] Now over to the analysis and today we’re looking at a
potential counter-trend move. Overall the trend remains
bullish in the short term. We’re above the 200 day moving average. Price action is above
the Ichimoku cloud here, So is the lagging expand indicator, and it looks well supported
by the cloud as well. Now there’s two reasons why I suspect we may see a dip in
price before continuing on this overall trend. Firstly, if we look at the RSI indicator, the relative strength index, obviously we’re slightly
up above board here. But more importantly, we are looking at this Bearish Divergence, which has been developing
for the past few sessions. You can see these two lines
here drawn on the chart. Both of these are suggestive
of an upcoming correction. If we do see this correction,
I think we may be looking at the third hard target of the current weekly pivot of 108.50. Past here, maybe even
perhaps, the 108 level in line with this 200 day moving average. Speaking of moving
averages, if we also look at the daily chart, you can see the 200 day moving
average line is coinciding with price action currently,
and this might act as some resistance in the longer term. That’s all for today. Thanks for watching. Remember to head over to
gomarkets.com for the latest. And follow us on Twitter. Until next time, thank you.

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