KVE
Long

USD/JPY: Start of wave 3...?

FX:USDJPY   U.S. Dollar/Japanese Yen
529 2 14
a month ago
Finally looks like the reversal is setting through, see my previous idea's.
Trendline broken, need at least the daily close above it but looks like that will be no problem...

Look at that volume on today's daily candle..., this could go fast and hard... Watch out for possible large swings due to increased volatility though...

Now at the 0.786 Gartley PRZ but I think it probably finished prematurely already, as depicted on the chart (0.756 completion + 0.618 retracement done...)

Next is the 0.886 XA level which about coincides with the MA(200) and could provide some resistance (possible sell pressure area based on volume profile also). If so then it may be the start of a possible retracement above the trendline which could give us a good opportunity and time to position for catching the bulk of the possible next wave 3 (of 3?) impulse...

Next level of possible (smaller) resistance lies around the 109 level and above it we have a possible S/R area roughly between 111 and 112, which looks like a good target for longs based on this setup...
a month ago
Comment: Longterm long targets: around 115.30 first and ultimately the 119.80-122.50 area...
a month ago
Comment: Some reaction, not decisive though, above the MA also, might be only a small retracement..., room to move up still...
Added a trendline...
snapshot
lu1977hk
23 days ago
Do you see any retracement coming? iF yes what would be a good re-entry level for further long positions?
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KVE PRO lu1977hk
22 days ago
@lu1977hk, Hi, I recently published this:
USD/JPY: Wave 4 retracement / re-test of broken trendline

The uptrend is strong though, today could turn out to be yet another green candle...
Now between the 0.618 and 0.786 of the down move from yesterday. Let's see if it takes out the high or not...
This is a good short area for short-term trading if you like it, with SL above the high (and above 110 I would say) and targets 108.00 and 106.50...

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