USDJPY Technical Analysis 2014, 16.11 - 23.11: Ranging Bullish With 116.79 Resistance

D1 price is on primary bearish with secondary market rally.

H4 price is located inside Ichimoku cloud crossied Senkou Span A line for the reversal to the bullish market condition:

• The price crossed Senkou Span A line to be reversed from primary bearish to the primary bullish market condition on close bar.
• Price is located inside the cloud/kumo which is indicating the secondary ranging.
  
• Chinkou Span line of Ichimoku indicator crossed the price from below to above for good breakout of the price movement.
• Nearest resistance level is 1.2541
• Nearest support level is 1.2398
  

W1 price is on bullish market condition stopped by 116.79 resistance level.

MN price is on primary bullish market condition with 112.46 resistance broken on close MN1 bar.

If D1 price will break 116.79 resistance level on close D1 bar so the primary bullish will be continuing.
If not so we may see the bullish with ranging between 116.79 resistance and 113.41 support levels.

• Recommendation for long: watch D1 price to break 116.79 resistance for possible buy trade
• Recommendation to go short: N/A
  
• Trading Summary: bullish
  

SUMMARY : bullish