IvanLabrie

USDJPY: Neutral, with a bearish bias

FX:USDJPY   U.S. Dollar/Japanese Yen
In this chart I analyze the price action in USDJPY's weekly chart.
It appears like we have formed a balanced distribution after the lowest low in the recent selloff.

Despite this not-falling situation, rgmov continues to suggest the enviroment is overall bearish , so I'll look into fading exremes in lower timeframes, using CCI and Rgmov signals as confirmation.

Pattern traders might find an abundance of bearish patterns with the PRZ near significant profile levels, like the high and low volume nodes.

It's interesting to note that the 10 period moving averages of the highs and lows are bearish , and that the speed lines drawn using the 0.5 and 0.618 levels, and the highest and lowest price from the top as reference contain the bars in the advance as well.

Hope you find this of use, regards,

Ivan Labrie
Time at Mode FX
Trade active: Placed a small short here, sl above the mode.
Comment: In pain but not stopped, still technically valid. Might cut it in half soon.
Trade closed manually: I'm out with a 0.17% loss. I'll wait.
Comment: I'll publish a new idea, the short is invalid it would appear. The weekly downtrend expires on Friday, it's highly probable that it breaks the mode up and we get a nice short at the top, but not confirmed yet.
snapshot


Notice the Vix green snapback signal...signals that volatility has fallen rather quickly, and thus, a short is favored.
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IvanLabrie PRO IvanLabrie
snapshot


After such a low volatility streak, visible in the BB squeeze in weekly and daily timeframes, I believe shorting this (buying volatility...) or shorting equities is a good idea. Specially under the strong profile levels from where we observed range expansion, while weekly and daily rgmov are in a downtrend.

I don't think the target at 114.17 would be hit, but it's worth considering it for TP.
+1 Reply
Agree with U
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