USDJPY: like to choose the purple route for it to develop
Traders,
USDJPY has a engulfing pattern on weekly chart which is
showing some bear sign on such position( 111.00). There is also an descending purple trendline from 118 around appeared at the end of 2016.
Some traders would say that UJ is now undergoing a long-term wave up. That assumption is positive to us only if the purple trendline is broken.
On this weekly chart, we see a possibility of retest of 105. For next week, UJ could retest the position around the purple trendline first before dropping down. So purple route is what we choose to follow.
Less is more!
USDJPY has a engulfing pattern on weekly chart which is
showing some bear sign on such position( 111.00). There is also an descending purple trendline from 118 around appeared at the end of 2016.
Some traders would say that UJ is now undergoing a long-term wave up. That assumption is positive to us only if the purple trendline is broken.
On this weekly chart, we see a possibility of retest of 105. For next week, UJ could retest the position around the purple trendline first before dropping down. So purple route is what we choose to follow.
Less is more!
