USDJPY 60M Chart: Looks like we may be going up from here!

"C point" has potentially formed, in what could be construed as a BULLISH CRAB here on the hourly chart. If this is the case, a CD leg could have a nice run-up, to what should be the D point in the 112.50 area (minimum). A price pullback from here to below 109.31 would likely invalidate this pattern. If this is indeed the CD leg, it could take several days to fully develop.

This same pattern can also be seen on the daily chart, which I will possibly post later.

Let's see what happens.

Comment:

Note: Point B can serve as a potential area to take initial profits. We're still a ways from that, but something to consider.

Comment:

Ok - I believe the shooting incident yesterday contributed to a panic sell-off in the dollar yesterday morning. Prior to that, we were steadily advancing upwards. I hope those who were long didn't get hurt by this. That panic sell-off did provide an opportunity to go long at a great price! Thank God, I was able to get in at 109.18!

As I type, the "B-level" has now been reached. This is a potential exit point.

Comment:

I'm going to get out at around the "B" level (110.8 - 110.9).