HARMONIC PATTERN EXPERT ADVICE & VIEWS ARE WELCOME
$/yen is trading choppy recently and there is no clear trend emerging, so i am trying to look at some other factors to see which way it might turn. The first thing is Nikkei Index itself which moved back above the resistance plus MACD turned positive which is positive for $/Yen. Second is the bond yield spread which i think is moving in favor of $. Third is $/Yen...
UJ had a big short squeeze on Friday on NFP report. Speculators remain net short on Yen till date. I would wait for a UJ to break above down ward sloping trend line to take a long position on the pair.
Traders have done an open encounter of US Dollar(full shootout), US Dollar is getting shot down almost everyday after US data comes out. US Dollar is oversold on almost every parameter this raises the risk of Short Squeeze, more specifically against Japanese Yen, as you can see from the chart it is near multiple support levels. That makes it attractive trade on...
USDJPY has broken support on 4 hr chart. Next level of support of 111.73. Stop @ 113.5. Target 110/110.5 range. KST has moved into negative zone as well supporting the bearish view.
only trade if it follow this pattern Enter at Retest
It formed morning star Good reversal sign Sellers take over by BUYERS MORNING STAR: (Long Bearish candle Followed by center completed body followed by Bullish candle.
Let's see where it takes us when comes out of rectangle Pattern.....
We looking at a flag formation just waiting for lower lows to enter short,we also have a head & shoulders that has broke and retested the neck line looking to hit our first T.P @110.128 then our second T.P @ 109.632.... any advice with the analysis guys?
I looked at the USDX and it suggested a weaker dollar going forward so when coming to USDJPY it also suggest that the dollar will continue to weaken according to the channel drawn on the graph..
Let's wait & watch for completion of pattern with support of resistance level. Trade only when Bear candle appear at point of completion of pattern. It can also be seen as 2618 pattern completion but double top is not so accurate tht's y .... not mention on top let's see.
USDJPY may break out of the downward channel resistance. Target 114/115 zone.
long term view --short at 112.510 tp-104.300 tp-102.100 stop-113.560
Yesterday's bullish candle has properly broken the trend line and in near future 114-115 mark can be seen. A good buy cant be originated at the present scenario as at this price range two time settlement has happened, a group of weak and strong resistance placed one after another. In case if price range breaks 23.6% fibo(113.71) we can look at higher price range...