Technical analysis of USD/JPY for Mar 31, 2017

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Technical analysis of USD/JPY for Mar 31, 2017

Daily Video Technical Analysis | USD/JPY | 31th March 2017

We take a nice detailed look at USD/JPY and see if there are any trading opportunities for us to make some juicy pips!

We combine the art of Fibonacci retracements, Fibonacci extensions, Support & Resistance along with Stochastic and RSI to determine the best entry, stop loss and profit targets.

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AUD/JPY profit target reached, prepare to sell

AUD/JPY profit target reached 2 days ago. We prepare to sell below major resistance at 85.75 (Fibonacci retracement, horizontal pullback resistance, and Fibonacci extension) for a push down to 84.53 support (Fibonacci retracement, swing high support).

Stochastic (55,5,3) is seeing resistance at 96% level where price has still a bit of upside to rise before it reaches it.

Sell below 85.75. Stop loss is at 86.51. Take profit is at 84.53.

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USD/JPY inverse head and shoulder reversal confirmed, time to start buying

The price has now formed a beautiful inverse head and shoulders reversal triggering a bullish move above 111.42 support (Fibonacci retracement, horizontal overlap support, and neckline support) for a push up to 112.85 resistance (Fibonacci retracement, Fibonacci extension, and horizontal overlap resistance).

RSI (55) similarly sees pullback support above the 47% level which would hold the price up for its push towards 112.85.

Buy above 111.42. Stop loss is at 110.60. Take profit is at 112.85.

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