As you can see on the chart, the price of approx 100 is a critical area of importance. If the price breaks 100 then the next area of support is 96. It will be interesting to see how this plays out; The Fed and BoJ will play crucial roles as to were the price will end up.
Right now after such a rip from the lows. We have to see how the price reacts at these previous sell areas. We want this blue uptrend line to also hold.
Again when the trade is crowded its easy to squeeze the masses that chase the trade.
Max
JPYGBP structure analysis suggests SHORT up to some point, see Chart
Then act according to break of level or bounce up
Careful for Fib levels .... Let's stick to SIMPLICITY
GL!!
Completed its downward leg
Hits 0.5 Fib
Hits support and previous resistance which could be seen as another support now
If breaks, would be a good idea to sell the break (unlikely though)
Hitting 0.7 Fib from last leg of the trend, also strong resistance with overbought market
End of the short upward move after the bounce up from the support.
Continuation of bearish trend
GL
GBPJPY broke downward trend from previous months.
Hitting 0.7 Fib, retracement back to structure line which from resistance becomes support and then up again.
GL
Hello Traders,
Here is a beautiful set up for CHFJPY. I would get added confirmation of the up move if and when an inverse head and shoulders is created. Pay attention to the green highlighted section and the reaction we see from there.
Best,
Chartistry
Very well-formed descending triangle, which is typically a bearish signal.
6 hit points, with the hit points converging towards the apex of the triangle.
Depending on how you trade this, you could look to go long now and ride a potential furthering of the triangle, closing out at the resistance and then shorting a break to the downside. Alternatively, you could...
With Japanese markets closed until Friday, it could be the end of the week before the JPY pick up again . The Loonie have so much advantage now... I took long position from 83.605 with 4 Tps. We'll see how this transpire, but am sure it will be a good, as usual :)
Have fun trading!
Hello Traders,
Here we have a Wolfe Wave pair similar to CADJPY, we hit point 5 last week and now would be a good time to short this pair using the Wolfe Wave pattern. This cancels out the previous chart I posted on CHFJPY(linked below).
Best,
Chartistry
Hello Traders,
Here we have a Wolfe Wave & Geo structure that is pointing DOWN after the current bullish run. A couple of things to note here.
1. This Wolfe Wave structure is still speculative since point 4 has not been defined. But, with the use of Fibonacci Extensions and ab=cd patterns I have defined a probable level where point 4 can be found. Point 3-4...
