My bias for this pair is short since it's in an overall downtrend at the moment and a rejection of the 61.8 fib would confirm further downside, however a break of the 144 resistance with trendline break would turn my bias bullish as illustrated on the chart.
I'll be waiting to see how it reacts to the 61.8 fib, in the bigger picture I'm expecting a rejection of the 61.8 fib which would most likely give us a huge downside of 400 PIPS!
In the nearest future the market may continue moving downwards to reach the 140.6 level and then start a new bullish correction. I haven't added any SL levels since you are better of by creating your own depending on the R/R ratio at the time you buy.
Keep in mind that the Japanese yen related pairs tend to be very risk sensitive. This is probably one of the most risk sensitive pairs, so having the stock markets rally simultaneously is a huge help for this market which can move 100 pips in the blink of an eye.
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Congratulations to everyone who shorted the pair from 61.8, looks wonderful so far!
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The market has been moving along nicely with our analysis, as expected. I'm still waiting for it to touch the TP zone which is marked in blue, if you haven't noticed we have a nice 61,8 (140.366) fib retracement ligning up there which is a support line aswell! From there we could expect the market to decline the channels low and turn bullish again depending on the PA given at the timeframe and how it reacts to the downward channel.
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Looks like the bulls are back now, we're currently having the MACD line crossing the signal line which indicates that the bulls are most likely back! I'm a bit late with this comment however I've bought from the 23.6 fib as seen on the chart above and I'll long it until 61.8 to see how it reacts to the resistance line. I managed to grab almost 400 pips from the 143,9 fib however since this chart has been posted we are still looking at a nice 200 pip profit! Good luck everyone!
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Updated chart view // Pay attention to the fib levels if you want a good entry!