In my previous USDjpy' analysis, there was a very upwards channel that was about to break. The channel broke and it dumped in 2 waves, similar to this one. Now, it seems this pair has formed a very nice double bottom formation. It looks almost perfect even. Normally the low should be set already, but when looking on the left there is possibly a bit more room to form a low just below the previous one. So the support of the double bottom is the green area. There can always be a small wick, but i think it should not get below the blue zone.
Previous analysis:
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So confirmation that channel on the left is legit, made a perfect bounce of the low there. From the looks of it, the low has to be set now and we should see at least an ABC now. But as you know, my assumption is more of an impulse wave up because of the double bottom. If we break today's high at 124.3, i will move stops to around entry.
Actually interesting, I am still waiting for a drop on US indices, this should send JPY higher. But how knows when that'll happen, JPY can do what it wants short-term :)
botje11
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@majormajor, Thank you :), yes, also still bearish in general about indices, but will be looking for a short AFTER the quarter ends though