Price did not move as expected from our last speculation on this pair (see link below for reference purposes) as Y109.200 became a very strong Demand level for the Yen.
Tendency: Downtrend (Bearish)
Structure: Breakout | Supply & Demand | Trendline | Harmonic pattern (AB = CD)
Observation: i. In the last 10 days and since the price broke down Y110.100 (Demand zone on the chart), the Greenback has gotten a little choppy against the Japanese yen as indecision continues to reign in the market.
ii. With the non-farm payroll coming up in the week, participants remain cautious about doing anything other than simply trading in short-term range bound moves.
iii. Multiple rejections of Y110.200 which also coincides with a 61.8% retracement of AB leg insinuates a transition into a Harmonic pattern (AB = CD) in the coming week(s)with parameters explained below;
a. Impulse A-to-B is expected to be in harmony with the potential C-to-D leg.
b. The B- to-C leg is at 61.8% Fibonacci retracement of the A-to-B leg.
c. The C-to-D leg is expected to fall within 127.2 - 1.414% Fib. ext . of the A-to-B move @ Y108.500 area.
iv. Below Y109.800 Level (Key level) remains a comfortable area to take advantage of the intended Bearish bias as I look forward to a Breakdown/Retest of the Trendline in the coming week.
v. And a further Breakdown of the channel at Y109.400 shall welcome an opportunity to add to our existing position... Trade consciously!😊
Trading plan: SELL confirmation with a minimum potential profit of 100 pips.
Risk/Reward: 1:3
Potential Duration: 2 to 5days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Tendency: Downtrend (Bearish)
Structure: Breakout | Supply & Demand | Trendline | Harmonic pattern (AB = CD)
Observation: i. In the last 10 days and since the price broke down Y110.100 (Demand zone on the chart), the Greenback has gotten a little choppy against the Japanese yen as indecision continues to reign in the market.
ii. With the non-farm payroll coming up in the week, participants remain cautious about doing anything other than simply trading in short-term range bound moves.
iii. Multiple rejections of Y110.200 which also coincides with a 61.8% retracement of AB leg insinuates a transition into a Harmonic pattern (AB = CD) in the coming week(s)with parameters explained below;
a. Impulse A-to-B is expected to be in harmony with the potential C-to-D leg.
b. The B- to-C leg is at 61.8% Fibonacci retracement of the A-to-B leg.
c. The C-to-D leg is expected to fall within 127.2 - 1.414% Fib. ext . of the A-to-B move @ Y108.500 area.
iv. Below Y109.800 Level (Key level) remains a comfortable area to take advantage of the intended Bearish bias as I look forward to a Breakdown/Retest of the Trendline in the coming week.
v. And a further Breakdown of the channel at Y109.400 shall welcome an opportunity to add to our existing position... Trade consciously!😊
Trading plan: SELL confirmation with a minimum potential profit of 100 pips.
Risk/Reward: 1:3
Potential Duration: 2 to 5days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously
