luizhpj
Short

USDJPY waiting for a trendline breakout for a LONG

FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY seems to be in an ascending diagonal for a Wave C (black). I expect some more short-term downside for one more lower low, probably testing 111.50, in a confluence of a support region, 0.618 FIB, and a rising trendline from March.

A LONG trade can be taken after breakout of the October descending trendline . My first target is at the 100% extension of A->B just below 115 (which is also a major resistance area ).

RSI & MACD aren't showing divergence, which is supporting of the continued downside for the short-term.

Maybe I'll even take a quick SHORT trade to get some low-risk pips.
Oct 15
Comment: Grabbed 40 easy pips on a quick short... and the green uptrend line is holding up nicely so far.

RSI & MACD are beginning to show divergence. EW count on smaller TFs also show a possible ending of wave C. I might even take a small LONG position on the next touch of the trendline.
Oct 16
Comment: Trendline was broken. Ideally we should have a pullback very soon, maybe even a retest of the uptrend line (green). That will be my entry point.
Oct 23
Trade active: Uptrend line tested and rejected.
BTW, there seems to be a lot of weakness on DXY, so I'm keeping a very short SL on this trade, and will be watching the breakout from the trendline.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out