FX:USDJPY   U.S. Dollar / Japanese Yen
155 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

SO FAR LOOKS PRETTY GOOD.
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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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