USDJPY has bounced of the bottom of a very large triangle seen on the daily timeframe. Price is still towards the bottom of the triangle, but bounced off support, so I haven't picked a direction yet. once price breaks out, expect to see a big move which should last weeks if not months.
Comment:
Broke the support line and with some momentum... I'm waiting for the daily candle to close below 108 before going short. On the fundamental side, the stocks slide makes a safe haven bid for JPY make sense and it looks as though there may be some effort from the Fed to protect Trump's much beloved stock market, perhaps at USD's cost.
Comment:
After the break, moved back towards the bottom of the triangle but found resistance and we are now very much on our way down again. Weak stocks really pushing money in to Yen now.
There is still a chance we might see the underside of the triangle tested again but, ultimately, I think our short will continue to work for a long period.
There is still a chance we might see the underside of the triangle tested again but, ultimately, I think our short will continue to work for a long period.
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Targeting 101, initially
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Here is the view which shows that price has pulled back up to the support line of the triangle and found resistance
