USDJPY Technical Analysis (19-23 January,2015) | January 18, 2015

USDJPY has made bullish Bat pattern. We can see on the chart, price bounce from 50% level and it is point B on Bat pattern. It formed D point at 88.6% fibo level. This pair touched D point of Bat pattern and bounce back from that level. It tested that level again and pulled back from D point. It confirms buy signal for this pair.


In weekly chart, we can see bearish momentum in this pair. But for the rejection, it loss bearish power. So it back on bullish momentum.


In daily chart, we can see bullish reversal candle. It indicates that this pair is back to the upside rally. So our recommendation is to stay on upside for long term and target will be 121 level.



Weekly Pivot, Support and Resistance


Resistance Two (R2): 121.00

Resistance One (R1): 119.22

Pivot Point: 117.53

Support One (S1): 115.75

Support Two (S2): 114.06