Let's see if this hits. I would be weary of 1.10, it can reverse at that point and go back up in the channel. 1st TP 1.0940 ~ 1.0908 2nd TP 1.0467 Reverse to 0.618 1.1082 Drop to 1.0277
it looks like USDollar Index is heading to 11780 to retest the last low and rebound off the bottom. I am Short here on USDJPY to around 110.60, but will most likely limit around 111. I will keep the short until I see signs of reversal on the 1hr.
This coincides with my UJ idea. I'm thinking that USD will fall a little bit more. EU will push up to 1.1436 PA before reversing and falling back down to 1.1050 level.
Right before market closed UJ faked out of the Raising wedge and now will fall back down to.... Either it will a) retest the low at 110.6670 or b) make a new lower low at 110.07 the next PA lower. USD lost of a lot of energy and momentum for recovery prior to FOMC. It may take a week for it to recover. I'm leaning toward option B.
I think it's done with the bottom. Shanghai Index seems to have calmed down for a bit. I don't see it dropping any further until mid April to May. We should start seeing VIX lowering and a gradual bullish UJ. USD looks like it's about to go bullish as well.
Potential Bullish Crab Pattern. This all depends on how it breaks out of this triangle (starting from late Aug). Let's see... if it makes a new higher high in January then throw this idea out the window. I am bullish for USD/JPY and think that it will go to 125 in January.
Same thing as last Idea. Work within the triangle and limit @ 123.20 ish area and then trade the reverse as it touches the triangle. Bought at 121.14 this morning. I was hoping it would go down to retouch the 120.95ish low, but it didn't.
Buy now hold until 123.30. I will limit @ 123.00 Possible breakout to 125 after that. With the Fed rate hike, FOMC and other related news coming up it will be interesting to see how this will all pan out, but I see it going two directions: 1. Fed rate hike and China is safe (Shanghai Index grows and doesn't complete the H&S). We will see UJ go back up into...
EUR/USD is forming a raising wedge which could potentially stop this bullish trend and reverse @ around 1.070 ~ 1.072 Another possibility is that it will continue to go up on this bull pitchfork and then reverse at the Bear cypher pattern at around 1.0755~1.0795 range. I'm giving this a big range because it's a fuzzy cypher shape and not a perfect by the books...
No big news next week. Potentially see a new low next week if it pierces 1.060 TL. Possibly a dip towards 1.0550. Cherrio.
Still in bearish Channel... i think it'll bounce off 1.070 and go up to 1.0780ish before coming back down into the main bear channel... We will see it come back down on Elliot Wave - A B C leg, possibly coming back to the 0.618 of the Pitchfork - 1.0650. Going to play it safe here. If it pops out of the Bear channel then it has a potential to change trends...
Short at 120.66 Stop at 120.80 Lim to 119.20 Buy at 119.12 Stop at 119 No Lim.