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9 Jan 2020

USD/JPY has one more resistance line before it can shoot higher – Confluence Detector

Dollar/yen has risen as Mid-East tensions have calmed. Can the currency pair extend its gains?

The Technical Confluences Indicator is showing that USD/JPY faces resistance at 109.29, which is the convergence of the Bollinger Band 15min-Upper, the previous 4h-high, and the Fibonacci 61.8% one-month. 

If it breaks higher, the next noteworthy cap is only at 110.36, where the Pivot Point one-month Resistance 2 and the Fibonacci 161.8% one-week meet.

Looking down, the first support line is 109, which is the confluence of the Fibonacci 38.2% one-month, the Simple Moving Average 5-4h, and the BB 1h-Middle. 

Further down, USD/JPY has many scattered support lines, with a considerable cluster awaiting at 108.49, which is the juncture of lines including the BB 4h-Middle, the Fibonacci 38.2% one-week, and the BB 1h-Lower.

It is backed up by another support zone at 108.26, where the BB 1d-Lower, the Fibonacci 23.6% one-week, and the Fibonacci 61.8% one-day converge. 

Here is how it looks on the tool:

USD JPY technical confluence January 9 2020

 

Confluence Detector

The Confluence Detector finds exciting opportunities using Technical Confluences. The TC is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc. Knowing where these congestion points are located is very useful for the trader, and can be used as a basis for different strategies.

This tool assigns a certain amount of “weight” to each indicator, and this “weight” can influence adjacents price levels. These weightings mean that one price level without any indicator or moving average but under the influence of two “strongly weighted” levels accumulate more resistance than their neighbors. In these cases, the tool signals resistance in apparently empty areas.

Learn more about Technical Confluence

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