USDJPY Forecast and Trade setup for the week 22nd April, 2014

Weekly Chart

• We are still stuck in a tight range for nearly 3 months now, however getting close to the ascending trendline, which could provide some support for some action
• My bias still Bullish

Daily Chart

• We had a continous bullish days last week, where we have broken slightly resistance,
• Today's candle is showing some bearish price action, but this could be a retest of the breakout zone / retest support before continuation to the upside
• Note there is the ichimoku clouds which could give some resistance
• Bias is bullish since we have broken the descending trendline, and had retested the bottom and rejected also from an long term ascending trendline.

Hourly Chart

• Although we have broken resistance, and trading majority in the s/r zone, I believe what is stopping the bullish momentum is the Monthly pivot, and confluence of the 50% fib and the clouds.
• Having the strong resistance, it could be possible for price to pull back and reload again to the upside to break it.

Outlook Trade opportunity

Risk Level Med

Tips -