USDJPY Fibonacci trend change on larger time frame

FX:USDJPY   U.S. Dollar / Japanese Yen
These fibonacci retracements are drawn automatically according to a specific set of rules, time and time again - this takes me and my subjective viewpoint out of the equation and allows the recurring nature of the fib patterns to show.

The fib patterns on this chart were calculated using Weekly bar data, and overlaid over a daily chart . Weekly-based fibs get above a lot of the static of lower timeframe fibs. In this chart USDJPY went from 111 to 100 in June with hardly a pause. It then stayed in an almost perfect channel that spans the 0%, 3.82%, 50% and 61.8% retracements. A weekly close outside the red or green line indicates a trend reversal or continuation and a new set of fibs are drawn.

According to this methodology, USDJPY recently reversed trend as it closed above the 61.8 (on a weekly timeframe ) and a new set of fibs were drawn indicating an uptrend with a -23.6% target around 113.25. If the green line holds there is potential for a 50% retracement to around 106.

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