themarketzone
Short

$USDJPY reversal in the PRZ

FX:USDJPY   U.S. Dollar / Japanese Yen
Those of you who read the Weekly Markets Analysis and my previous post here about the $USDJPY             , know that I was expecting a reversal at 109.5 which is the completion point of a bearish AB=CD pattern. It is also the monthly downtrend line zone.
So far, the $USDJPY             follows my analysis and we me see a huge opportunity here.
I'm talking about potential for 300-400 pips as initial target (patience is needed).

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http://www.themarketzone.net/#!wma/c1jxp
I also expect a reversal here and try to get a short entry with a possible Bear Bat in the 15 minute Chart

Its overdue a few hundred pip counter move. But I will trade also bullish patterns if they emerge on this pair as shorties get easily under pressure after such an upmove.
Reply
Nice call. But the Yen is mixed. What are your thoughts on the rest of the yen crosses? Is this reversal you call for an across the board Yen strength or USD's weakness (DXY has hit a resistance and weekly failed to clear the resistance zone). I'm bearish on EJ to 138 but Bullish on GJ around 173/172 levels.
Reply
themarketzone justatrader
I do see reversal signs in multiple Yen pairs. I'm not sure if it is Yen strength (cause there's no fundamental reason for it right now, with the BOJ policy) or the other major currencies weakness. I'm talking about a correction move right now so 172/173 in GJ maybe a good place to try and buy although my longer term bias is bearish
Reply
I have to disagree. Although this pair is over extended, you are fighting the FED and the BOJ with this trade. This is not a trade, it's gamble IMO. Go with the flow, and that flow is going up. Don't want to buy something so over extended, wait for a correction.
Reply
themarketzone vlad.adrian
I understand what you are saying but we are still talking about a monthly trend here and a pair that had rally of more than 3000 pips. I have a monthly trend line, weekly harmonic pattern (high accuracy) and great R/R. For me that worth the trade
Reply
vlad.adrian themarketzone
Well good luck then :)
Let us know the entry, stop, and when you take your profits!
Reply
themarketzone vlad.adrian
Thank you. I'm already in the trade. Pretty sure it will take its time. Have a great weekend
Reply
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