$USDJPY - Downtrend Broken - Retested - S/R Flip at Yearly Pivot
USDJPY Looks primed for a move up.
Major downtrend line has been broken, and retested. This downtrend spanned over 3 years
After the break - we visited the Yearly Pivot level, which led to the retest of the downtrend line, which bounced well.
We then broke through the old high, and the pivot and now have a perfect S/R Flip right at the yearly pivot - with a well established new uptrend line forming.
Mike Pence, the US Vice President has made comments while the market was closed about the possibility of doubling the tariffs on China - i would like to be patient and wait for a pullback to the gold box, but depending on how the market reacts to this news, i may chase this one, as the pivot S/R flip would serve as strong support imo
Target 1: 117.50
Target 2: 119.90
Target 3: 123.74
Major downtrend line has been broken, and retested. This downtrend spanned over 3 years
After the break - we visited the Yearly Pivot level, which led to the retest of the downtrend line, which bounced well.
We then broke through the old high, and the pivot and now have a perfect S/R Flip right at the yearly pivot - with a well established new uptrend line forming.
Mike Pence, the US Vice President has made comments while the market was closed about the possibility of doubling the tariffs on China - i would like to be patient and wait for a pullback to the gold box, but depending on how the market reacts to this news, i may chase this one, as the pivot S/R flip would serve as strong support imo
Target 1: 117.50
Target 2: 119.90
Target 3: 123.74
Comment:
I fought the FOMO and got an entry at the planned price
