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MC_Mike_Trading

USD/JPY

Long
U.S. Dollar / Japanese Yen (OANDA:USDJPY)  
MC_Mike_Trading Updated   
OANDA:USDJPY   U.S. Dollar / Japanese Yen
Trend Analysis Chart Patterns Wave Analysis USD jpy LONG
9
1
trendanalysis chartpattern waveanalysis usd jpy long
Trend: Inverted H and S breakout
Time frame: 1 and 4 Hour

Look for a retest of the neck line, i'm placing an order there with a tight stop
Comment:
edit, entry on chart should be between 107.84 and 107.92
Comment:
Price dipped just slightly below the 0.618 level that I was expecting. On the weekly TF (see below), price tapped the 0.318 area and weekly stochastic is starting to turn bearish. Short term trend up may continue for a bit, but overall I think we may head lower if this area fails.
snapshot
Comment:
Price is testing the neckline, if a break above occurs than i will keep my trade open, if not i will close immediately. USD has been strong against other currencies for a few days and especially today, but JPY has also been pretty strong today so downside my be around the corner
snapshot
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