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.
Placed a pending sell limit at 123.049, stop at 124.286.
No profit level set yet, it can fall for a very long time, so if valid, this will be a position trade.
stragaw
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crossing all fingers :)
IvanLabrie
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We need a retracement to sell, we'll have to be patient.
milehk
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means ...is it danger to sell now directly? thanks your advice
IvanLabrie
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Not optimal, a bit late for market selling.
Tempting for sure, but not the smartest thing to do right now.
milehk
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hmm ic, do you think usdjpy will retracement at coming U.S. hours?
IvanLabrie
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That would be terrific...any rally is a sell here. The closer to my suggested stop loss the better.