Similarly to GBPJPY, USDJPY seems to have topped after moving past the vix spike 75% retrace support level.
On the daily chart we can observe bearish rgmov signals and on the weekly we can see that price has gone under 123, and failed to produce new highs after testing a quarterly range expansion bar's 50% level.
It seems like this is the start of a strong bear market in this pair, so I'll be looking to go short on a retracement.
Invalidation/stop is a retrace past the 61.8 level of the first wave down, which I think will be over the weekly mode.
(I'm not positive is wave 1 down is finished, probably soon).
Again, going short here once we get the aforementioned retracment, is a very significant opportunity, which I don't intend in missing.
Good luck, and brace yourselves...wild ride coming.
Ivan.
On the daily chart we can observe bearish rgmov signals and on the weekly we can see that price has gone under 123, and failed to produce new highs after testing a quarterly range expansion bar's 50% level.
It seems like this is the start of a strong bear market in this pair, so I'll be looking to go short on a retracement.
Invalidation/stop is a retrace past the 61.8 level of the first wave down, which I think will be over the weekly mode.
(I'm not positive is wave 1 down is finished, probably soon).
Again, going short here once we get the aforementioned retracment, is a very significant opportunity, which I don't intend in missing.
Good luck, and brace yourselves...wild ride coming.
Ivan.
Comment:
Might take a while to hit the target.
