According to the price movement recently, we clearly can see that price can not go up further.. and the price fell down below the magenta average and the green average turns pointing down.. i expect another bearishness in the coming week.
Price action is respecting the downwards trend channel, price will then hopefully follow the tempory uptrend until it hits the channel's resistence, if this target area gets reached then we will see bearish movement towards the target if all goes to plan!! Plenty of pips up for grabs :) What do you think?
This looks great! Do you agree. There is nothing mush to say then it might just be the ticket to a profitable day.
Risk event:
Thursday, May 12, 2016
07:30 USD Export Price Index (MoM) (Apr) 0.1% 0.0%
07:30 USD Import Price Index (MoM) (Apr) 0.5% 0.2%
07:30 USD Initial Jobless Claims 270K 274K
10:00 USD FOMC Member Mester Speaks ...
It´s been a slow week for us here, with all these pairs trending very strong, but coming into NFP we are bound to see a little volatility, so we got a Bat formation on the USDJPY to hopefully continue the bearish bias we have had on this pair for a while now.
Good weekend
Kind Regards
Thomas Jeff
USDJPY pair resume fundamentally strong down trend , technically it could possible repeat history with recovery until selling area of 38.2% Fibo.
Sell USD JPY
@107.70
Target: 106.90
Stop loss: 108.20
gud luck!
This potential bat pattern on the USDJPY looks to join with the underlying trend on the daily, with completion around previous support which could turn to resistance.
When the stars align all one can do is act and let the invisible hand take the wheel. Looking at the Daily time-frame its almost a perfect setup.
Validation:
1. Retest former support zone
2. Retrace off MA-50 & Fib zones
3. Stochastic Bearish Cross
4. If RSI Push back below 50-line that would give this set up more validation.
Event Risk:
07:30 USD Core...
Looking at a potential trend continuation around the 111.000 area. Daily chart indicates we are bearish with downsides towards 106.000 area. This indicates we have room to hop on the downtrend we are currently in. Recently the 111.000 area has held strong support on 3 occasions. There is a good probability it could hold as resistance if price gets there again....
