My apologies for the cluttered chart, but there's a lot going on on this pair & I wanted to show you everything that I took into account when performing my analysis on this pair.
Last week we identified a potential Head and Shoulders pattern setting up on the USDJPY and we ended the week with a confirmation of that reversal pattern with the break and close below the neckline. I'm now looking for a retracement higher and the opportunity to jump on the next extension down.
In order to project the first level that I'll be keeping an eye on for a potential reversal I used my Fibonacci Tool to find confluence between retracement, extension & inversion levels. I also used a project equal measured move along with "LOOKING LEFT" of course.
The same was done to project an initial level that I could consider for profit taking.
Again my apologies if it's a little confusing but I just uploaded a 30 minute video walking through this entire setup if you need a better visual.
Good luck in the markets this week traders. I wish you all the best, and I appreciate all of the support that you've shown since I've found time to become more consistent here on Trading View.
Keep it up and I appreciate each and every LIKE & COMMENT!!
Akil Stokes
Go EVERTON!
Last week we identified a potential Head and Shoulders pattern setting up on the USDJPY and we ended the week with a confirmation of that reversal pattern with the break and close below the neckline. I'm now looking for a retracement higher and the opportunity to jump on the next extension down.
In order to project the first level that I'll be keeping an eye on for a potential reversal I used my Fibonacci Tool to find confluence between retracement, extension & inversion levels. I also used a project equal measured move along with "LOOKING LEFT" of course.
The same was done to project an initial level that I could consider for profit taking.
Again my apologies if it's a little confusing but I just uploaded a 30 minute video walking through this entire setup if you need a better visual.
Good luck in the markets this week traders. I wish you all the best, and I appreciate all of the support that you've shown since I've found time to become more consistent here on Trading View.
Keep it up and I appreciate each and every LIKE & COMMENT!!
Akil Stokes
Go EVERTON!
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