{"id":62344,"date":"2014-10-22T15:36:36","date_gmt":"2014-10-22T19:36:36","guid":{"rendered":"http:\/\/countingpips.com\/?p=62344"},"modified":"2014-10-22T15:37:26","modified_gmt":"2014-10-22T19:37:26","slug":"usdjpy-builds-momentum-key-resistance-at-107-40","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/10\/usdjpy-builds-momentum-key-resistance-at-107-40\/","title":{"rendered":"USD\/JPY Builds Momentum; Key Resistance at 107.40"},"content":{"rendered":"<div id=\"inves-2092780046\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">October 22, 2014<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>Technical Sentiment: <strong>Bullish<\/strong><\/p>\n<p><strong>Key Takeaways<\/strong><\/p>\n<ul>\n<li>USD builds bullish momentum ahead of Unemployment Claims;<\/li>\n<li>Higher Low warns of inverse Head and Shoulders;<\/li>\n<li>Japan Flash Manufacturing PMI due later tonight, with bullish expectations;<\/li>\n<li>USD\/JPY faces huge resistance clusters at 107.40 and 107.80.<\/li>\n<\/ul>\n<p><em>Price action should confirm very soon if USD\/JPY can continue its rise and invalidate October\u2019s downtrend.<\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><strong>Technical Analysis<\/strong><\/p>\n<p><img decoding=\"async\" src=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/10\/USDJPY22ndOctober.png\" alt=\"USDJPY22ndOct\" \/><\/p>\n<p>Following a 50% Fibonacci correction completion, based on the 2-month 900 pip bullish uptrend, USD\/JPY has recovered quite nicely since 15<sup>th<\/sup> October. Despite this 200 pip recovery, the pair is still at risk for further sell-offs unless buyers can convincingly break through the resistance clusters in order to invalidate and dissipate bearish pressure.<\/p>\n<p>USD\/JPY spot is trading around 107.20 toward the end of the U.S. session, flirting with a resistance trendline and previous lower high of 107.38. We also identify a possible reverse Head &amp; Shoulders formation, albeit far from picture perfect. A break above 107.40 should trigger a cluster of stop losses, pushing price into the 100 and 200 Simple Moving Averages resistance at 107.80. If USD\/JPY can then rally above this level, we\u2019re likely to see a full recovery towards 110.00 in the next few weeks.<\/p><div id=\"inves-67191667\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p>Stochastic is rising out of oversold territory on Daily, suggesting the bottom at 105.30 will hold in the main uptrend, also pointing out there is plenty of room for USD\/JPY to rally. We see a dip below 106.25 as invalidation for any short and medium-term bullish scenarios, since that would force traders to re-test 15<sup>th<\/sup> October\u2019s low.<\/p>\n<p>*********<br \/>\nPrepared by Alex, Chief Currency Strategist at <a href=\"http:\/\/www.capitaltrustmarkets.com\">Capital Trust Markets<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technical Sentiment: Bullish Key Takeaways USD builds bullish momentum ahead of Unemployment Claims; Higher Low warns of inverse Head and Shoulders; Japan Flash Manufacturing PMI due later tonight, with bullish expectations; USD\/JPY faces huge resistance clusters at 107.40 and 107.80. Price action should confirm very soon if USD\/JPY can continue its rise and invalidate October\u2019s [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-62344","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/62344","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=62344"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/62344\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=62344"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=62344"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=62344"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}