I expect a breakout downward after testing that area of resistance again. Similar to a play I did earlier in the week.
Rejection of Support turned Resistance, simple concept that works most of the time.
UJ short if the Global Markets do not recover and keep falling.. Possible drastic scenario of the BoJ doesn't intervene.. The Void zone is a profit monster... Don't miss it ...
4 eventual patterns for FX:USDJPY The biggest game of "IF's" AB=CD pattern: target around 112 CYPHER: Point B: 38.2% to 61.8% XA Point C: 127% to 141% ext XA Point D: 78.6% XC Targets: TP1 38.2% CD TP2 61.8% CD GARTLEY Point B: 61.8% can not touch 78.6% XA Point C: 38.2% to 88.6% AB Point D: 78.6% XA 127% ext AB Targets: TP1 38.2% AD TP2...
A lot of things i see here for FX:USDJPY 1. Major Cypher(1) pointing 112.0; (note:* for this cypher(1) I took the impulse leg with the candle that breaks out the structure and not the bottom of structure, marked on chart with yellow circle); 2. Double top formation forging a 2618 trade setup; (a little lame because the second attempt did not even touched the...
Obviously as most know the USDJPY follows US Equities, which has seen a nice sell of that certainly shows targets a lot lower (ex. DOW support not until 14000). Also, DXY has clearly broken down repeatedly after lower highs to lower lows, which points to a new trend. On the other side of things this is creating a very strong YEN so I prefer selling the USDJPY more...
This was the runner up trade of the month making just over 350 PIPS. No where near last months Nymex trade clocking in just over a 1000 PIPS. But we keep trading every opportunity that presents itself.
Definitely looking to continue riding down the USDJPY. Simply waiting for an appropriate retracement from the extensive selling we have witness in conjunction with global equities. The yen is in demand fundamentally as a safe haven currency and will continue to appreciate in my opinion. If you look at a weekly chart, there is a lot more room for this pair to go down.
A short at 121.80 marks the confluence of 61.8 retracement fib level, previous resistance dating back to end of 2014 and TL resistance since JAN2015.
Another great sell opportunity for USDJPY revolves around 123.446
Detailed Pattern description here Entry at 124.001 short open FX:USDJPY @ 124.001 SL 125.40 TP 115.00
the USDJPY pair shows a harmonic pattern downwards to reach the fibo levels of 1.2 and on the long run to 1.6 if it broke the 1.2 downwards, SL to be placed above the most previous swing high
USDJPY IS TRAPPED IN A REVERSAL STRUCTURE @ 124.46 -Lower timeframes suggests this pair will continue lower as long it remains below 125.00 -The 125.00 was rejected clearly with momentum. -With this action already in play we will remain short the pair for an initial target of 123.08. -a successful break of this area should drag the pair towards 122.62 where we...
Complete Wolve Setup, Will be taking a short position on the first retracement (if it does happen).
nice ABCD pattern right up into resistance.. oversold on RSI
I’m looking at a rising wedge type of pattern forming here on the USDJPY that is working it’s way toward a pretty significant level of structure (look left). We typically see a breakout to the downside with this type of setup as it represents the market losing steam after a high volume move. I’ll be looking for short opportunities on this pair in the Live Trading...