USDJPY Holding Above 104.00 Handle

09 September 2020

USDJPY had dropped yesterday close to 105.80 mark as the currency consolidates within a potential triangle, highlighted o the 4H chart here. Bulls might remain in control as long as prices hold above 104.20 levels and would target 107.50, 108.20 and higher levels, going forward.

USDJPY probable wave counts are as follows: The currency pair has been consolidating within a potential triangle at a larger degree. The price action has been in 3 waves recently and they are highlighted here. The rally between 101.18 through 111.75 could be seen as an A-B-C.

Further, the subsequent drop between 111.75 through 104.20 has also unfolded into 3 waves A-B-C. Ideally, another push towards 111.75 levels remain possible in 3 waves. This would complete a larger degree Wave (C) within the triangle structure.

A triangle is a corrective wave, which consists of 5 waves labelled as A-B-C-D-E. Each wave is sub divided into 3 waves, a-b-c respectively. If the above count holds well, USDJPY could push towards 111.75 and higher to complete Wave (C) within the larger triangle structure.

Immediate support is seen at 104.20, while resistance is around 107.50, followed by 108.15/20 levels respectively. A break above 107.50 would confirm that bulls are back in control and USDJPY is heading towards 108.50 and 110.00 respectively.

Traders might prepare to initiate fresh long positions around 105.80/106.00 potential support zone, with protective stop below 104.20 and projected targets towards 107.50, 108.15 and higher respectively.

Prepared by
Technical Analysis Team

Disclaimer: This information has been produced by a third party, for general information purposes only, and is not indicative of future results. Abans Global takes no responsibility for its accuracy or completeness. Any opinions expressed do not reflect those of Abans Global. This information does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should seek independent advice before making investment decisions. Reproduction of this information, in whole or in part, is not permitted. Please note: If you are a Professional client, you are not eligible for negative balance protection and you could lose more than your initial deposit.

Trade with
Abans Global

  • Authorised and Regulated by FCA
  • Customer Support 24/5
  • Low Spread & Commission
  • Instant Execution
  • No Dealing Desk
Interested in knowing more about our products

Simply send an e-mail to us at: support@abansglobal.co.uk
Contact us on +44(0) 203 936 9000

We will be happy to address all your queries

Our Products

Offering state of the art execution services through multiple top-tier liquidity providers. Abans Global provides you with a tailor-made solution to match the demanding requirements of your business, with the multi-assets offering, advanced trading platforms and FIX API connectivity that provides ultra-low latency.

Forex

Forex

Know More

View more
Cfd’s

Cfd’s

Know More

View more
Equities

Equities

Know More

View more
Indices

Indices

Know More

View more
Commodities

Commodities

Know More

View more

Create Demo Account

Try Demo

Create Live Account

Sign In