USD/JPY to correct higher in the BC leg
USD/JPY posted a bearish Outside Candle on Tuesday, August 29. This formation is often seen at the top of a trend and the start of a new downward bias.
The medium-term focus is on lower levels with bespoke support located at 142.70.
However, using cypher pattern analysis, the art suggests that the next leg is higher within the corrective BC leg.
Common retracement levels are 38.2% (146.06) and 88.6% (147.13) of the last decline.
Conclusion: we have the US employment figures today (non-farm payroll). We are expecting a print of +170k for August. Better than expected results could/should see USD/JPY move to the upside.
Resistance: 146.06 (38.2%), 146.11 (projected), 147.13 (cycle complete)
Support: 145.22 (projected), 144.54 (swing low) 142.80 (completed Crab)
PoC (Point of Control) Open – 145.91 (August 31)
The medium-term focus is on lower levels with bespoke support located at 142.70.
However, using cypher pattern analysis, the art suggests that the next leg is higher within the corrective BC leg.
Common retracement levels are 38.2% (146.06) and 88.6% (147.13) of the last decline.
Conclusion: we have the US employment figures today (non-farm payroll). We are expecting a print of +170k for August. Better than expected results could/should see USD/JPY move to the upside.
Resistance: 146.06 (38.2%), 146.11 (projected), 147.13 (cycle complete)
Support: 145.22 (projected), 144.54 (swing low) 142.80 (completed Crab)
PoC (Point of Control) Open – 145.91 (August 31)