USD/JPY the most favorite trade now a days globally accumulating targets 107.50. Technical : This pair is little influence with technical but support and resistance matters in this pair in terms of technical .apart from it we are looking for channel as I have nicely mapped over daily but for short term trader I have marked it with 4 hr chart with recent channel...
If it breaks in previous channel than it has 127% fibo line to touch.
It has been observed that a penant which had formed after a strong upmove has been broken on the USDJPY pair. Now it shall move further upwards. Long at: 114.46 to 114.50 Stop: 114.20 Target: 115.00 & 115.19 towards the upward channel resistance
market clear 5 wave up as sub wave 1 for wave 5, now in progress sub wave 2. forecast market will reverse at fib Retracement 50,61.8 & 74.6
Lets see if this Divergence & Pattern works after FED COMMENTARY
It has been observed that potential bullish bat pattern is forming on the USDJPY Pair Long Entry limit: 113.51 Stop: 113.33 Target: 113.91
WEEK 7 --> Lets's watch the KEY point for reversal
It can be observed that bearish bat pattern has emerged on the USDJPY hourly chart. Short can be entered above: 113.67 Stop: 114.06 which is just above a strong resistance zone marked with a green horizontal line Target: 112.89
USDJPY may be ready to move up after a period of consolidation. move out of channel will confirm that bulls are in charge.
It seems that no more (Bull) STEAM left here :)
Catch the move when it shows weakness
Lets see where it takes with divergence
Let's see which side it break, or take support from trend line.
Let's see which will win