Despite the pair’s rebound from the descending trend line support last Friday, the subsequent failure at 113.78 earlier this week followed by a retreat to 112.70 today has set falling tops formation. A daily close below 112.61 (last Friday’s low) would mark falling bottom and open doors for a test of 111.90 – 111.61 levels.
Wait till one of these meets the destination.... ;)
After reversal check this pattern
Wait until any reversal formation moved in our favour
It can be observed that USDJPY is being resisted at a strong horizontal resistance level and from the rising trendline which it broke a while back. Look to short at Current market price or at 114.03 Target: Next support which conincides with 0.5 retracement of the uptrend Stop: 114.38
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