USDJPY Update, October 9, 2017

USDJPY Daily 2017.10.09

Last week, October 2 – 6, 2017, looking at the 1day chart and the 1week chart, we see usdjpy continue going sideways although breaking the last top at 113.25 with a new top now at 113.43. With the new top now at 113.43 still below the top/resistance at 114.49, and is at or just below the downtrend channel on the chart, will usdjpy now reverse downtrend in the long- term. In the 1day chart, we see the stoch(5,3,3) already showing downtrend since it made top at 113.25, while the macd has yet to show downtrend signal.

USDJPY Weekly 2017.10.09

At this point, with the downtrend trendline still intact just near above and usdjpy can’t seems to break through the trendline, we say that usdjpy will possibly make top now and reverse down. But then on the contrary, if usdjpy should reverse down, why would it take long time, so perhaps usdjpy will still continue the uptrend. So we wait now for usdjpy to continue the downtrend, although it may be quite slow in making top to reverse down. In the 1week chart, we now see that the bbands is already hit on the topside so usdjpy will possibly bounce down, and that now we see the stoch(5,3,3) already hitting the top level and may now soon make top and reverse down.

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