July 21, 2013

USDJPY Market Rhythm and Andrew's Pitchfork

USDJPY Market Rhythm and Andrew's Pitchfork

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usdjpy analysis using 4hour macd strategy
USDJPY break above the trendline a.k.a Andrew's Pitchfork


The gotobi demand and strong USD global sentiment has taken USDJPY as high as 100.86 lately. Slowing down a bit, after market participants squaring their position before the Japan election.

usdjpy uptrend channel
The new USDJPY Andrew's Pitchfork on 4H Timeframe

With the USDJPY already broken the upper median line, now it is time to create a new andrew's pitchfork accordingly.

You can see, that the USD supported by the SMA 89 (at around 100.00, which is a round figure as well) we can be pretty sure that there is still plenty of room for USDJPY bullish sentiment. 

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About ArrowFX

Technically analyze the forex market mainly on USDJPY, EURUSD and GBPUSD by using market rhythm method started by Philip Nel on Forex Factory. The thread started on 2007 and still alive.
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