KyleMcQuade
Short

USDJPY Bearing Crab

FX:USDJPY   U.S. Dollar/Japanese Yen
Here we have another harmonic pattern completing itself on the USDJPY             ; this time, the Crab . The last pattern I posted on this pair did not complete, thus a trade was never entered. This pattern is almost complete and an eager beaver might even take an early entry! Price is reaching key resistance at the 112.00 level So a short position will be taken from there- STAY PATIENT! As of today, 21/11/16, the US FED has doubled their interest rate, cause the economy to slow, while the BoJ has in fact lowered their interest rate from 0.1% to a flat 0%. This will cause the US to weaken slightly, ultimately continuing the downwards trend. I will enter this trade and take the exit level as per usual. However, long term we could be looking at some consolidation before an upwards trend.

Crab ratios

AB: 0.382-0.618
BC: 0.382-0.886
CD: 2.24-3.618
XD: 1.618
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