Preparing the breakout

Mar 25, 2020

Today we found a special situation on the USDJPY chart

USDJPY is attacking this resistance zone three times during the NY session of the last three days.

Today this move starts during the London session which increases the probability of a breakout.

So, is this move confirmed by the individual strength of the underlying currencies?

The JPY is now close to the bottom and the USD is gaining strength.
Nonetheless the USD is still on the weak side of the FX Power scale.

Check this YouTube tutorial to see how we create this special FX Power instance

And what’s the situation considering the real trading volume?

The JPY is clearly going down but the USD stagnates which is the reason why this pair was unable to break this resistance cluster yet.
A rising USD long ratio would clearly help to push USDJPY easily through this resistance. So watch out what happens in the USD volume.

This is how this USDJPY chart looks completely

2503_USDJPY

When this breakout on happens it will push all JPY pairs upwards. 

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All the best and happy trading
Daniel

Courtesy of the Forex Mix