USDJPY Short From Top of Channel

FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY is potentially completing a wave v of (v) at the top of a channel. A decline from this level will likely extend into the 123.8 area. A continued decline and exit from the channel may extend bearish move to the 123.35 area.
hey thx for is my view - ist a bit different ;-9 : Y€$ - the widge got triggered and bought! This pushed the pair to its last high @ 124.42. From reaching this high a chealthy consolidation started, the pullback stopped @ 38,2 fibo - the minimal correction level!
This consolidation is forming a bullish flag (blue). The buying signal is active when the pair is traded above 123,9 / 124,45. I see potential on the upside.
On the downside, the level between sma 200& ema 200 should be a strong support.
Prices below this level will turn the chart into bearish (middleterm)
former analysis:
Will the support @ 121,5 hold and the bullish wedge be triggered and bought?
If yes, then the shortterm target @ the upper side will be the upper edge of the longterm uptrend @ 129,5.
If the strong support @ 121,5 does not hold, a fast drop till target @ EMA200 @ 118 could appear.
Below the EMA 200 a drop till the longtermtrend @ 113,6 could be exspected.
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+1 Reply
glennmercer marihuana-aktien
Great analysis! Thanks for your input
glennmercer marihuana-aktien
Great analysis! Thanks for your input
Wave iv has overlapped wave i, which is indication that a recount is in order. The pair has likely begun its decent to its target of 123.78.
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