IamNomad
Short

$USDJPY orderblocks , trendlines and bear flags oh my!

FX:USDJPY   U.S. Dollar/Japanese Yen
80 4 1
USD/JPY market thoughts
- theres seems to be a delay in market reaction recently to the bank numbers.
initial reaction seems to do the opposite of logic. ie US Monthly budget spending down, USD/JPY             falls over. Next day rallys on blah news.

- there are medium level announcments for YEN sunday into monday that seem to have favorable projections. Yen side will probably rally forcing usd/jpy             value lower
- people may be preping for an unfavorable fed announcment soon.



TA thoughts
- at the mid point of a significant drop. Looks like a bear flag and could be a continuation sigh. At a minimum its a consolidation block.
- 1d and 12hr look like a possible triple top
- various time frames are starting to look like an immediate M top
- 1d , 12hr, 6hr, 4hr and 2hr             stoch support down turn (this is not reliable on things like fed announcments)
- we are reaching the inner and outer descending "dump it" trendlines. a non-wick break of of these would invalidate this idea.
- could go a high as 114.32 but more likely 113.88 is the max. (based on trendline and order block)
- 4hr tells us that the last 16 hours have had trouble staying above the current order block. increasingly likely to take a dip into liquidity below before picking up momentum in ether direction.

overall it seems like the banks and the powers that be dont know what they want to do here. The Fed and BOJ news may force a direction.



side thoughts:
An immeadiate short might not be in your best intrest if your not ok with a little heat. but i would ether be looking for "wick city" to open a short or picking reasonable low targets to place bids.
IamNomad PRO
8 months ago
this has worked out more or less. forgot about the BoJ rate change today which means price has gone basically sideways.
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IamNomad PRO IamNomad
8 months ago
*since US market close
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IamNomad PRO
8 months ago
after the UJ rate number hit and the Q & A session, this idea worked out. my target was hit at 112.8
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IAmSatoshi
8 months ago
Money $_$
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