Last week USD/JPY was moving up in a nice bullish market structure on its way to the major daily level around 114.500. It was making a series of HH and HL throughout the week before hitting the major resistance on a news release last Friday. After the major resistance we saw a nice rejection and bearish close near a support zone. Should be interesting to see how/where price opens in accordance to the support area.
This week we could see some continued bearish price action to the major 113.250 area or a push up for liquidity back to the major supply zone from last week. I believe at some point we could strike 113.250 this week but with all the high impact fundamental events on the calendar this week it's hard to determine exactly when/how these moves will play out so its best to just follow price action as it develops. It's also a possibility that with the increased volatility that could take place this week if we are able to break one of these major zones clearly (Resistance @114.500, Support @113.250). This would open the door for further directional price action.
The major high impact events on the calendar this week include NFP Nov.3, interest rate decisions for USD (Nov.1) and JPY (Oct.31) and other events for USD, CAD and GBP.
This week we could see some continued bearish price action to the major 113.250 area or a push up for liquidity back to the major supply zone from last week. I believe at some point we could strike 113.250 this week but with all the high impact fundamental events on the calendar this week it's hard to determine exactly when/how these moves will play out so its best to just follow price action as it develops. It's also a possibility that with the increased volatility that could take place this week if we are able to break one of these major zones clearly (Resistance @114.500, Support @113.250). This would open the door for further directional price action.
The major high impact events on the calendar this week include NFP Nov.3, interest rate decisions for USD (Nov.1) and JPY (Oct.31) and other events for USD, CAD and GBP.
