InvestMate|USD/JPY waterfall coming up
💱USD/JPY waterfall coming up.
💱For some time now, since 21 October to be precise, we have seen a trend reversal on the USD/JPY pair.
💱The reversal was abrupt in nature, it was done through the monetary intervention that Japan made in order to stop weakening its currency.
💱Is there a chance that the uptrend that has been running on this pair since 3 October 2011 will be reversed?
💱Rather not, but a correction of the wave that has gained strength since January last year should finally take place.
💱I think we are in an ideal place to make such a correction.
💱This is due to the fact that Interest Rates in the US, have now been discounted and there is no longer as much of a push to raise them as a result of slowing inflation, and the not so terrible recession that most feared.
💱The market is still expecting one more interest rate hike tomorrow to the 4% level but given the positive sentiment and the already discounted news I think the decision may not have a significant impact on the price of the dollar with the Japanese yen.
💱 Confirming my thesis on the lower intervals we can see that from the intervention to the bottom measuring this wave. We made a correction of 50% after which we started to slide sharply, this can be seen by the size of the candles accompanying the descent standing out against the upward ones.
💱Wondering where the price might go I made 2 measurements. 1 measuring the fibo from the covid bottom which shows that the first important correction level falls to us at 0.236 which is at the price level of 140. The 2nd measurement is measuring the overbalance of the largest correction in the uptrend impulse lasting from the covid bottom which results at 143.
💱It is up to you to make a verdict on which of these levels we will see final
💱 Taking a position at the current moment the stop order will be at 148.280 and the take profit at one to one or around 143 giving us a risk/reward ratio of 3.72
🚀If you appreciate my work and effort put into this post I encourage you to leave a like and give a follow on my profile.🚀
💱For some time now, since 21 October to be precise, we have seen a trend reversal on the USD/JPY pair.
💱The reversal was abrupt in nature, it was done through the monetary intervention that Japan made in order to stop weakening its currency.
💱Is there a chance that the uptrend that has been running on this pair since 3 October 2011 will be reversed?
💱Rather not, but a correction of the wave that has gained strength since January last year should finally take place.
💱I think we are in an ideal place to make such a correction.
💱This is due to the fact that Interest Rates in the US, have now been discounted and there is no longer as much of a push to raise them as a result of slowing inflation, and the not so terrible recession that most feared.
💱The market is still expecting one more interest rate hike tomorrow to the 4% level but given the positive sentiment and the already discounted news I think the decision may not have a significant impact on the price of the dollar with the Japanese yen.
💱 Confirming my thesis on the lower intervals we can see that from the intervention to the bottom measuring this wave. We made a correction of 50% after which we started to slide sharply, this can be seen by the size of the candles accompanying the descent standing out against the upward ones.
💱Wondering where the price might go I made 2 measurements. 1 measuring the fibo from the covid bottom which shows that the first important correction level falls to us at 0.236 which is at the price level of 140. The 2nd measurement is measuring the overbalance of the largest correction in the uptrend impulse lasting from the covid bottom which results at 143.
💱It is up to you to make a verdict on which of these levels we will see final
💱 Taking a position at the current moment the stop order will be at 148.280 and the take profit at one to one or around 143 giving us a risk/reward ratio of 3.72
🚀If you appreciate my work and effort put into this post I encourage you to leave a like and give a follow on my profile.🚀
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Comment:
stop touched, pair still in play
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💲 To keep up to date with all my activities I invite you to visit my Telegram 💲
💲 www.t.me/Investmatez 💲
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