EverythingForex

20th - 24th June Post-Brexit Weekly Wrapup & Updates (PT. 1)

FX:USDJPY   U.S. Dollar/Japanese Yen
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I release a Weekly Wrapup & Update every week to all my subscribers on my website. I am re-posting it here but in a limited form due to posting restrictions. I am also splitting this post in parts as it is too long to post in one post. So this is Part 1 of this post. Look for Part 2 & 3 if you have interest in seeing the rest of it. If you want the complete post including more detailed 4HR charts, please go to my website to get it. Weekly Updates are free. As noted on each pairs update, if there is any additional analysis available on it, it will be available on my website.

USDJPY reacted to the surprise Brexit result by dropping over -700 pips! But you know what? It went pretty much EXACTLY as the charts predicted it would! Look at last week's Weekly chart and compare it to just this past week's weekly chart. See how in the previous week, we were still projecting another move down? That is EXACTLY what we got with the Brexit! Dumb luck? Or is that just how powerful charting can be? Too bad I bought into the hype-train that was saying there was no way GB             would leave the EU. So I did not "trade what you see". But I stood aside. Well, now that the Brexit is over and prices have fulfilled what my charting said it would do, is it now time for a reversal? Read my post-Brexit update recently posted: (F) USDJPY Post-Brexit Analysis: Downtrend Over? (Free post. No Subscription required.)

DAILY CHARTS (Previous week vs. Past Week)
You can see how prices dropped straight down the previous week and this past week, that drop continued and has now revealed that the EED             is still not completed. This week's move down invalidated the previous contracting triangle that was still possible.
snapshot
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Brexit lifted AUDUSD higher as opposed to the previous week as you can see by comparing the charts. But, IMO             that only set this pair up for a larger move back down and does not signify a new wave higher. We should see another move down this week. Read my FULL Post-Brexit Analysis for more details: (F) AUDUSD Post-Brexit Analysis

DAILY CHARTS (Previous week vs. Past Week)
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USDCAD
While the Brexit actually confirmed my projections on many pairs, in USDCAD, it actually changed my projections somewhat but not entirely. I had been projecting that this pair was to move higher as you can see in my previous week's Daily chart (below left). What changed is that now I see that happening sooner rather than later. In the 4HR charts, you see that last week, I was projecting a move lower and a POTENTIAL Crab down to be filled before a move higher. Now, in this week's 4HR projection chart (below right), I am no longer projecting that bullish lower crab but am now projecting a POTENTIAL Bearish Crab higher. The move created by the Brexit should be a catalyst for the move up. But maybe not right away. We may see a period of sideways action first. Read my recently released post-Brexit FULL Analysis: (F) USDCAD Post-Brexit Analysis: Continuing The Reversal (Free post. No subscription required)

DAILY CHARTS (Previous week vs. Past Week)
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Comment: *DISCLAIMER:

Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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