benayaadhi

USDJPY Outlook need to go to 110 before drop

FX:USDJPY   U.S. Dollar/Japanese Yen
well on the daily TF we can see that we have AB = CD pattern that complete at 109.600 area and if we see on the ratio we can see on that area is aroung 109.1-110 and not only that we can see on the rsi we can see that the market has overbought and want to go down.
H4: we can see there is Higher high on the charts and higher low on the rsi . so price will go down to 382 retracement or 618 retracement. before going up again. why going up again? because we have pattern on 110.1 area (deep crab bearish ) will complete at that area.. so i will wait for sell opportunity on long term.
so in my opinion price will go up max to 110 before going down. there is a nice historical resistance at that area too on the weekly chart so price could go up first before going down :)

Trade Safe
Happy Trading
Goodluck ;)
benayaadhi
2 years ago
snapshot
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benayaadhi benayaadhi
2 years ago
this is AB = CD Pattern at daily
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benayaadhi
2 years ago
look at the red line show higher high on the charts and higher low on the rsi .
snapshot
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benayaadhi
2 years ago
on hourly chart we can see deep crab pattern .
snapshot
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benayaadhi benayaadhi
2 years ago
so best scenario is i will put myself on a buy position at 109.120 but the wiser plan is just to wait untill 110 area and go short ;)
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