USDJPY weird convergence on 10/7 = possible (short term) bounce
I dont believe in coincidences in markets.
what you see here pictures is:
- H + S average target is the length of the head to base down ~62 pip puts us at about 102.90
- short term ascending bottom support line from starting 10/4 caught the initial drop and where we closed
- (sloppy) descending wedge is nearing its throw back point.
- standard optimal trade entry (OTE) for long from the rise up from 102.62 is around this area when fibbed out as well.
(Also worth noting the 2 and 4 hr period are reset on all oscillators.. if thats your thing)
Wildcards
10/10 is a JPY holiday.
10/10 is a partial banking holiday in the US
this mean aussie, frankfurt and london will be driving most of the price action for next week open.
A safe trade might be long w/ stop around .74 , tp at ~104.28
(this would also fit the lower high bear narrative if you're thinking much further is in order)
what you see here pictures is:
- H + S average target is the length of the head to base down ~62 pip puts us at about 102.90
- short term ascending bottom support line from starting 10/4 caught the initial drop and where we closed
- (sloppy) descending wedge is nearing its throw back point.
- standard optimal trade entry (OTE) for long from the rise up from 102.62 is around this area when fibbed out as well.
(Also worth noting the 2 and 4 hr period are reset on all oscillators.. if thats your thing)
Wildcards
10/10 is a JPY holiday.
10/10 is a partial banking holiday in the US
this mean aussie, frankfurt and london will be driving most of the price action for next week open.
A safe trade might be long w/ stop around .74 , tp at ~104.28
(this would also fit the lower high bear narrative if you're thinking much further is in order)
Note
also worth noting , zoom out to daily, draw a trendline from 99 to here.. and ~86 is about where it touchesNote
had more time to look at this area.. .383 fib of the weekly move is exactly where the close price was. AND the low stopped exactly the weekly r2. spooky really.Note
GOT MY TRADE ON THE GAP UP.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.