CapMoore

ABCD Completion at 122 but Reversal Signal Lacking

FX:USDJPY   U.S. Dollar/Japanese Yen
152 0 1
Price is about to complete an AB=CD Pattern going back to 2011.
D level stands at 121,95 or approx 122. Previous monthly close
and also previous weekly close suggest further gains. The top
from 2007 stands at 124, and looks like a reasonable target from
here, also since the USDOLLAR             index has passed through important
resistance on weekly timeframe along with important Bullish Breakouts
using the Ichimoku indicator on higher timeframe in UsdCad             , UsdChf             and
AudUsd             . Typically, there should be a sell off at a D level to give more
chances for the level to hold. That has not been seen yet, thus I prefer the
idea of a test of 124. But should a strong bearish weekly candle be
forming around 122 this could be the start of a deeper correction.
The technical target of this ABCD stands at 111.
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