finitemonk

USDJPY ... A lot from a little

FX:USDJPY   U.S. Dollar/Japanese Yen
167 0 0
An area of complex dynamics ... A struggling pennant maybe? Where many I should think, think it should go up ...
With this methodology I use, learned & develop ... Sometimes you can read a lot from a little.
Will the obvious fork work? Don't think so. Adding in a few 'musical' lines which it repeatedly taps,
it just missed one, on todays 13.00 candle, in this case what I call the Lesser Upward, which I interpret as signature weakness.
(The other are a Prime Carrier line - purple & the Lower Harmonic 4th lines - red, holding in favour up a small Upper 8th - yellow)
Aside from that the lower 0.768 line of the fork would appear to be working reasonably well as resistance)
Behaviourally it is currently strongly suggesting the presence of a fourth Lower 4th, which it has just tapped and dropped off. All of which suggest this fork will not come to its Median return, fail and then ...
Its drops to the vicinity of a much more significant line ... but that till next week(?)
Have a great weekend.
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