With the impending US economic bust that is about to happen when the Dollar bursts (based upon the DXY and US30), I'm bearish on UJ for this week. I see it continuing in an Elliot wave pattern to retest its low point from early last week. I want to see if price respects that low point or breaks below it for the continuation.
As per my analysis, 1, the uptrend line is holding firm as we haven seen a clear break of our CTL. 2,we saw a break of minore resistance and we are potentially seeing a retest of structure.
If price action fails to break the resistance we could see further downside movement.
The USD/JPY currency pair is forming a symmetrical/isometric triangle on the weekly chart, and moving down to the daily, we can see that price has made a major push to the downside already, and and is consolidating and forming a smaller symmetrical triangle too, as i believe it is getting ready to continue with its bearish momentum before it gets to the support...
If you look at the USDJPY pattern from last year (there was a rate hike on Dec 13, 2017), a top and then three increasingly lower tops before a strong pullback, it looks very much like this year, 49 weeks later. Supporting this is a mirror fractal (shown in yellow) from the last recovery. If the pattern continues, we could see 105-106 in March 2019. The pattern...
All described on The chart. Lets win.
113.000 could be the point of reversal! after breaking previous highs at 111.335, the possibilities of this pair retracing back towards this level of support is likely.
Great retracement at the 88.6 Fibonacci level last week. Price so far has not been able to break those key levels higher. I'm looking for a push up to important key supply, resistance and Fibonacci levels to continue bearish.