Fall incoming? I don't think so.Hello traders!
Long time no see... With the Japanese elections just around the corner, there are certain speculations of an incoming fall. My analysis does not agree with that. I think JPY is heading for 159.500 buyside liquidity . Even if it is heading lower, it is highly unlikely that it goes now.
There are two scenarios here. If market consolidates around the weekly gap marked on the chart for few more days, we might see a fall. If it doesn't, we're going for higher targets. The two pink zones are daily support levels which can be expected to push prices higher.
Now, when I say two scenarios it doesn't mean I'm saying anything could happen. The major possibility is the 159.500 buyside. The second scenario is just a fail-safe.
Also, note that this is a directional analysis and NOT a trade idea. Trades require much more sophistication than this.
GLGT,
Satya.
Long