FXDAH

USDJPY long term idea

Short
FX:USDJPY   U.S. Dollar / Japanese Yen
Downtrending on the maximum timeframe. Looking clearly here at pattern repeatability whereby we have several instances of head and shoulder patterns followed by a sharp dollar crash against the Yen and I personally feel CVD19 offers an apt platform for this to re-occur and price to plummet down to the 90 level. This is clearly the direction the market wants to go in but wouldn’t be too surprised to see a few dollar rallies in the short term. Also see the wedge / descending triangle in more recent times whereby a clear breakout could catapult this move into its desired direction.

Possibility of double/triple bottom of daily timeframe but have ruled this possibility out due to presence of much longer term downward bias, I expect once this bottom is broken that price will fall off a cliff . Obviously if rallies extend past 112-115 area then we have a clear break and will have to reconsider options.

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out