Long term channel violated

FX:USDJPY   U.S. Dollar / Japanese Yen
2023 12 11
Ever since the pair broke out of the inverted head & shoulders in Dec 2012. Price never look back. After some struggling, it finally broke the multiple S/R line of 101.3. Both downtrend line connected from Sept 1998 were both broken, it then continue to break the long term downtrend channel top! What a bull

If the current steep channel is valid, i anticipate some consolidation to before heading for 123.4, or it might retrace back to channel support point B for further price action
well, it actually took the A path
current situation

so it took path A, but not reaching 123 yet, maybe next life :-)
The chart is right, but I believe the break is false. We'll see a sharp reversal down.
+1 Reply
Did you notice that, the previous 3 tops all have some sort of H&S patterns? Say yes :-)
There is definitely another upswing wave after left shoulder is formed to complete a HEAD which is a higher high. Bring that back to present, i thought i see complicated left shoulder completed, price is looking at peak of the potential HEAD now :-) and yes, it will reverse until Yellen run out of BULLets
Trade well my friend
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out