As shown.
Someone I follow (check out his ideas!) had posted a similar idea earlier and I'm building on it. Following up on my previous ideas. Watch out for the little retracement before going upwards towards the upper line of the channel trend.
Someone I follow (check out his ideas!) had posted a similar idea earlier and I'm building on it. Following up on my previous ideas. Watch out for the little retracement before going upwards towards the upper line of the channel trend.
Comment:
Price reached the upper line of the trend channel sooner than expected. If it breaks thru it with strong momentum, we could see USDJPY hit 104.00. Otherwise back down into the red channel may be possible.
Comment:
So far price is respecting the channel boundaries and resting around weekly pivot R3. I'm expecting bearish momentum in the short term (until at least NFP this Friday). It might even start trending towards the bottom boundary line but I doubt it'll pass thru the red zone.
Trade closed: target reached:
Price took 2 steps out from the channel boundary line and then immediately 3 steps backwards. Perhaps NFP tomorrow would make it make a break for it, or make it go into hiding again (but not for too long I suspect).
