USDJPY) completed 4 hours cycle and 1 hour cycle, breakout of 1 hour cycle , divergence in 4 hours , M formation in JPY pairs, stopping volume, 3x ADR, RWL touched, BIG M pattern , stop hunt done type 2 london pattern.
USDJPY dropping , gold going for level 3 , AUDUSD big W formation playing out it just looks very perfect
and the best thing is that we have formed...
USDJPY - formed a M pattern (at Wednesday (mid week rev.)) + good stop hunt rise in the second leg + at the peak of each leg we got NY reversal + reached 3x ADR (RWL) + Stopping volume in 4 hours at both legs + BIG divergence in 4 hours + pairs against USD are forming W at 1 hour for 1 hour mark up phase + potential target - dont forget about 4 hours W we might go...
Notice that both weekly and daily candles closed with very strong bullish momentum. I expect a .618 retracement after the impulsive buys that happened this week and then we continue upwards again to 112.404 price level . Upon market open by Sunday night, I will be looking out for my sell confirmations. before buying up.
we have got extended move to the downside, + we have even achieved 3x ADR + 3(psychological no.) pushes to the upside market makers have formed sweet M which tells we are going to mark down phase
Trading suggestion:
". There is still a possibility of temporary retracement to the suggested resistance line (109.53).
if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. USDJPY is in a downtrend, and the continuation of the downtrend is expected.
. The price is below the 21-Day WEMA, which...
PRICE BROKE THE TRENLINE AMAZINGLY NOW IT AGAIN RETRACED TO THAT TRENDLINE EXPECTING ANOTHER SELL MOVEMENT FROM HERE OR ELSE PRICE WILL MOVE LITTLE HIGHER TO MAKE QUASIMODO PATTERN...SL WILL BE 111.769 AND TP WILL BE 150 - 200 PIPS.
