Clear AB=CD Pattern ending at the Critical S/R Level 124 -124.13

FX:USDJPY   U.S. Dollar / Japanese Yen
There is a very clear AB=CD pattern emerging that could possibly end at the critical 124.000 - 124.130 level. In addition, there is another smaller ab=cd pattern within the larger AB=CD that looks to be working on it's ab leg that may establish it's b point within the next 1-2 days at/near the X point which is also the most recent swing high of the larger weekly up-trend. This lends more credence to the b point being established there. From there, I expect a 0.382 retrace back to the c point and then the cd leg up also ending at.near the critical S/R 124-124.130 level. This level is also the 1.618 extension of both the main AB=CD pattern AND the smaller ab=cd pattern.

If my projections hold true for the AB=CD and the smaller ab=cd pattern, this will also complete a potential Butterfly pattern as well.

The 124-124.130 level is critical because it marks the most recent major MONTHLY swing high and is also at the minor 70.7 fib level. I expect that there will be many sell orders sitting there waiting to be triggered so I am expecting a large reversal at that level.

But I will caution that any reversal will NOT trigger a MAJOR TREND change as I am expecting that prices will eventually reach to the 133-135 levels. See my USDJPY MONTHLY outlook for those projections and reasons why I think this.
SPECIAL Report on the S&P 500. Read it here. It's FREE: http://bit.ly/2KGJ409spx818
Mailing list: http://bit.ly/2iNieEY
Facebook Group: https://www.facebook.com/efxselect
Twitter: @andrewefxselect
Website: http://www.efxselect.com


Past week saw USDJPY retrace and retest the "C" point in a sideways consolidation. Today we are seeing prices bounce off the "C" point leaving the pattern intact. I am expecting prices to now resume uptrend in the "C=D" leg eventually reaching the "D" target. Maybe not in the next few days, but eventually.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out