In this chart I analyze the currently active signals in the JPYUSD chart, as an alternative way of approaching USDJPY to prevent biases. I'm seeing an active 2 week trend, which has until June 27th to complete, but also if you dial down to the 3 day chart, you can see a valid uptrend signal emerging from the recent 'impulsive' leg to the upside.
I'm interested in going long the yen in this zone, and aim ideally, for a retest of the dowtrend mode near 0.009875. The time at mode signals, tell me price could stop at 0.009256 or 0.009489, so, take heed of these particular levels, for either a retracement or reversal of this trend. I'd expect the equities to correct the recent advance, in the wake of this yen uptrend continuation, as risk off sentiment takes over once more.
The trade: Go long JPYUSD, or short USDJPY, ideally on a retracement, but if not, you can take it at market price and keep stops 1.2%+ away from this week's close. Target a 3 to 10% distance from entry, approximately. Holding time, or ETA to reach the targets is before June 27th.
Good luck if taking the trades. Cheers,
Ivan Labrie.
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Monthly view of USDJPY. The time at mode target predicted the top (minimal margin of error).
There's a monthly RgExp target at 102.517 that has to be hit during May to confirm the downtrend's strength.
3 day chart:
Trade active
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Above 0.009092, nothing's stopping the rally.
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We're approaching the 'nothing's stopping this rally' mark, watch closely.
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Target 1 hit, I'm following this one closely in my other publication.
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The blue box which was resistance is now support. Let's see if it goes for target #2 and #3.
Hola amigo! Nice chart! See the same targets in EW.
moneymaking
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No retracement, that hurts :(
IvanLabrie
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Exactly, these trades rarely give an entry when they work.
I'd rather jump in as it moves, then maybe add on retrace if it happens.
moneymaking
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Yeah, will see about that. Thanks :)
moneymaking
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Hey mate, I was wondering based on your analysis do you see any type of deep pull-back happening in usdjpy, to enter into a short position with good risk to reward?