nmike
Long

USDJPY- DUAL CLONING ANALYSIS

FX:USDJPY   U.S. Dollar/Japanese Yen
3319 29 34
Significant L-H- L pivots were used to draw a triangle, clones were placed at right bottom corners in effect creating an up channel . A horizontal reference range was also added and cloned. R clone 2 boundary targets were achieved, price found support at bottom of R clone 2 and rose back inside triangle(channel).The week finished with a test of bottom of triangle and a bullish candle,quite likely that price hits top of R clone 2 near term.
looks nie but how you trade that patterns ?
+2 Reply
nmike MOD MakisStratis
Clones are not patterns like head and shoulder, flags and so on,they are used for support / resistance and price projections. In the last 2 weeks price held above reference range and rose above the channel(triangle) so the weekly frame is saying to go long on any pullback on lower frames with price target to top of clone. Just as an example you might place a long entry at oversold rsi and or bottom of channel on 1 hour frame.
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+4 Reply
Mike, thank you very much for the update!
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nmike MOD charttrader
Your welcome :)
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I really like the way that that May through September respects this setup. Good luck to you with your triangular endeavours.
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......near term target hit
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......amazing how many Clone targets were hit in such a short time....candle stick price action suggests further upside, next near term target is Key resistance 1
USD / JPY monthly update
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We got 120 and 115 all in within two weeks.
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Interesting Chart Gold Vs Yen
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Looking at recent swing in gold prices tells us where the source of this momentum is coming from and that's the recent move lower in the Yen or in other words, higher USDJPY.
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Any new charts coming out?
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nmike MOD QuantitativeExhaustion
Clones update.... long term up trend still intact...next target (likely) to 124 if we can get passed red dotted line resistance
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Agreed
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FXKOPPA nmike
thanks for the update next clone instance.
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y w
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.....approaching key confluence resistance area
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BoonOng nmike
It is getting near to that resistance level of yours. =)
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FXKOPPA nmike
current update?
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.....likely trend line just above resistance 1
USD / JPY monthly update
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.....3 upside key pivots to watch for....also a 50% mark between pivots that are enough far apart
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.....that should read 2 Key pivots
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FXKOPPA nmike
I think that , it will stop now at 135, thats my hunch though I m not following jpy nowdays , but it seems that , if it breaks 125 and retest surely i will buy it til 135
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FXKOPPA FXKOPPA
Can you post latest chart ?
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At this point it's become a bit more complex to continue with original Clones set up, There comes a point where it's best to draw new Clones.I'm making this update more simple...
...UJ trend is still up, price has broken above reference range & short term stoch momentum moving up,likely to retest trend line near term
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FXKOPPA nmike
thanks for posting
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no problem....25% Clone already ....
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>>>>UJ near Key long term support
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FXKOPPA nmike
@nmike, could you please update with play option?
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Hello! reference channel & Clone boundaries still valid, just extend channels to the right
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