Long term channel violated

FX:USDJPY   U.S. Dollar / Japanese Yen
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
Dec 06
Jul 30


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
well, it actually took the A path
current situation

so it took path A, but not reaching 123 yet, maybe next life :-)
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