120.83 = LONG STRUCTURE
AFTER A PROLONGED SIDEWAYS FORMATION, THE CLEAR PICTURE EVEN DURING THIS PATTER IS THAT USDJPY IS STILL LONG.
WE ARE NOW TRADING ABOVE THE STRUCTURE 120.83 WHICH IS OUR BUY POINT.
A DIP BACK INTO THE STRUCTURE WILL ONLY SERVE AS ANOTHER BUYING SIGNAL.
* IN SHORT TERM PLACE A STOP BELOW THE 4 HR GIFT 120.68.
* TARGET 1 = 121.83 BEFORE 123.20
UPDATE :
H4 PIN BAR FOUND AT 61.8%. QUITE UNFORTUNATE THAT PIN BAR DID NOT CUT 119.00.
ANALYSIS IS SIMPLE.
PRICE BROKE OUT OF TRIANGLE.
BUY AT RETEST.
H4 200SMA 50SMA 20SMA CONFLUENCE AT ONE AREA
W1 3 BAR BULLISH FORMATION
On the daily it looks like there's a potential AB=CD BUY pattern that's almost complete. We've got some good structure in the 116.80s and RSI (14, close) is showing that we're on our way to being oversold too.
BUY @ 117.10s
SELL @ 118.48 (TP)
STOP below structure @ mid 116.80s
Counter trend traders could also wait until the .382 retracement to get short.
Yesterday morning I posted an idea concerning the bullish shark pattern and there was few errors on the pattern. I didn't thoroughly calculated the parameters which are really important for the accuracy of the pattern. Normally a shark pattern has to comply certain measurements for it to be valid. These parameters are 113,161.8, 88.6, and 224% respectively. The...
Bullish black swan and bullish shark are converging, likelihood of 5-0 pattern to form later on today right before the USD news events. Normally after bullish shark pattern forms there's a possibility that the 5-0 pattern will come afterwards.
The odds for upcoming 5-0 pattern are complimented by the fact that this week the US dollar has been weak against every...
This week should see a choppy USDJPY with the move back to start wave four, of the a five wave Elliot wave move down.
Wave 5 should find support at around 117.333 level
USD may turn lower against the Japanese Yen after prices put in a Shooting Star candlestick. An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side.
Support: 120.82, 119.62, 117.17
Resistance: 122.48, 123.88, 125.84
We are long on a short term for a re-test of 119.95. (Today/tomorrow) if the price manage to take out the high 120.47 then short is not an option.
After this we will sell the pair and we expect the price to decline again and give us a nice
break of the 118.30. structure(sell-point) a break below this point, we will bring our stop firmly on the 118.20.
After this...
looks like USDJPY is going to go on a Bull run expecting higher lows and new high's. Friday's close was oversold also expecting to open the week with USD surging.
