FX:USDJPY U.S. Dollar/Japanese Yen
Ii called it a psuedo-cypher because it doesn't exactly fit the ratio for a , however if completed it's still present a nice trade opportunity. I'm watching the pattern along with the channel that has developed, a penetration of this channel line lower will put me in play for the pattern while a penetration upwards will negate this set-up. Let's see how it plays out.
so clearly we are in play for the channel, therefore we determine a target based on elliott wave, we are now looking for the final wave. TARGET: 109.04 2ND TARGET: 109.17. The 2nd target is a possibility but may be in the form of an overbought wick. how i'd trade this? i'd only look for target 2 if the market gain some momentum, if not i'll stick with penny gains.
i just started to review the charts for this weeks expectation, so i will post a bit later, but 108 seem a bit strong of a reversal for such strong bull market. this pair is not the easiest to trade now because it is extremely stretched, so not the best for analyst. so thats why i focus on small moves with this pair.