USDJPY - Happy New Year #2016 (Short side still in play)

FX:USDJPY   U.S. Dollar / Japanese Yen
753 18 17
This is the updated chart for the year, from last year.

Price managed to touch to the 123.1 level and there looks to be a move building up to the downside. A close above 123.1 on monthly will invalidate the set up. Expect a gradual decline lower to 106 - 102. Could take 2016 or next year

Watch for break of the steep price channel . There could be a minor move higher which should be the last pop before prices start to fall.

Good luck and Happy and a Profitable New Year
Institutional Commentary: GS talks about 110/100 in $/Y. http://news.forexlive.com/!/jp-morgan-on-the-yen-usdjpy-going-back-to-110-and-equilibrium-below-100-20151224
I aim for 113. Good one!
Mughal2657 IvanLabrie
i don't think so near in the future we gonna see the price at that level bulls are very powerful at the movement i think we gonna see break up in the channel and final 5th wave may appear in the channel as we are at the correction level for the 4th wave.
Mughal2657 IvanLabrie
Mughal2657 Mughal2657
every time when price try to break the bulls channel it failed to break the channel for bearish trend
IvanLabrie Mughal2657
That wave count isn't too clear, and it takes for granted all the structure before it.

I don't subscribe to that count, nor to traditional EW (I do think Neowave has merit, and it's way more strict with the rules needed to come to a complete wave count).

Price will slide down on Monday, I'm 80% sure.
Mughal2657 IvanLabrie
+1 Reply
Mughal2657 Mughal2657
bro these are my thoughts i might be wrong
Mughal2657 IvanLabrie
+1 Reply
Mughal2657 IvanLabrie
+1 Reply
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