FX:USDJPY   U.S. Dollar/Japanese Yen
154 2 3
ON A DAILY MAJOR DOWNWARD MOVE THE D EXTENSION WAS REACHED AND BECAME A NEW B POINT.
SO WE SHOULD EXPECT A MOVE UP TO FIND THE C RETRACEMENT TO AT LEAST THE 38.2 RETRACEMENT WHICH ALSO IN CORRESPONDENCE OF THE BIG DOWNWARD CHANNEL , AT ABOUT 104,91, WHICH GIVES A POTENTIAL 400 PIPS MOVE.. POSITIVE NFP WHOULD BRING THE USD UP.
WHAT DO YOU GUYS THINK? ON A 1 HOUR CHART I SPOT AN ENGULFING CANDLE, I 'D BUY NOW WITH A RISK OF 60-70 PIPS WITH A 400 PIPS MOVE. RISK REWARD SEEMS PRETTY GOOD

TradZ
8 months ago
The engulfing candle(grn) that you see on the 1hr chart doesn't necessarily mean anything just yet. There was an engulfing green candle that shot way up past the obvious descending/flat bottom set-up pattern(which you will spot if you draw your lines) after the NFP report and what happened, it headed right back down with the quickness! 0nce price passes around 101.6-7, this is where I believe the SHORT will be put on hold for awhile(daily chart). We shall see what takes place today and the rest of the week:)
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MassimoChiampo
8 months ago
SO FAR LOOKS PRETTY GOOD.
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