above is a rough structure for USD/JPY which is no more than the follow up of the impulse receved last week after the triple bottom to attack 111,500 (see related ideas linked below for week 12).
AToW 50SMA pushing and 500SMA supporting.
Price formed a source as supportive formation which may be also a cup. If so, considering the building divergence in , price may build the handle around 111,500. However, AToW, the pair is into 112.
Below a snapshot of the same timeframe but from farther.
Please note that USD/JPY matters for Gold as their way of moving is inversely correlated. IMHO if USD/JPY pushes for 112. Gold pushes for 1285.
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Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.