Possible USDJPY price movement for December 14
Harmonics are vibrations modulated on top of each other. You can see price making similar movements. We had extreme example of this in the past few weeks causing high volatility. Many traders decided to step aside and watch from a sideline because it can be very difficult to estimate direction and distance of the price after it final sling price move.
Looking at the hourly of USDJPY I expect the fundamental price movement to continue it's path downwards and the modulated move to sling the price around 112.5 for another 2 hours or more and then finally break out the slinging and accelerate towards a new bottom price of 111.
Looking at the hourly of USDJPY I expect the fundamental price movement to continue it's path downwards and the modulated move to sling the price around 112.5 for another 2 hours or more and then finally break out the slinging and accelerate towards a new bottom price of 111.
Comment:
Strong harmonic price movements were back this Friday before the weekend with inconsistent buying pressure leaving the USD weak against consistent selling. All increasing the chances for further dropping of the USD against the JPY in the next few weeks, however depending on the rate of continuous devaluing of the JPY.
