JeffTan
Short

Downtrend in play

FX:USDJPY   U.S. Dollar/Japanese Yen
15 0 1
Overall, USDJPY             has been trending up since 2012-09-13 as depicted by the major upsloping black pitchfork.

on 201506-08, P0 is formed followed by P1, P2, P3 and P4 which shows a clear downtrend as P3 has taken out P1.

P4 was formed as a ed in blue which is the confluence of the Lower Parallel of the major pitchfork and the L-MLH of the downsloping mini red pitchfork,

Price may continue to trend down and will strong resistance depictrejection of the Median Line of major black pitchfork and continues to form second P4" pivot at the downsloping Fibo 0.382 upper median line parallel of the down sloping red pitchfork formed by P0-P3.

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