USDJPY ABCD PATTERN IN PROGRESS THE NFP REALLY HELPED THIS MOVE I STILL THINK THIS HAS A FEW MORE DAYS TO DROP AND MAY HIT THE D EXTENSION
On the daily time frame we can clearly see a down trend has formed. Price action has clearly hit a big level of resistance at the 132 area and has made clear its bearish sentiment. I think we can easily see a drop to the 126 level. Be patient and always practice proper risk management.
We have been waiting for an opportunity to get into the USDJPY for a short for a while. We had hoped the USD rate hike would have given the opportunity for a price around 125.00 but that didn't materialize. By all intensive purposes the USD bull run is over and the rate hikes of 2016 are priced in the slow down in China is causing investors to look for safe haven...