justatrader
Short

USDJPY - Descending Triangle

FX:USDJPY   U.S. Dollar/Japanese Yen
796 3 5
A very long term trade. Descending triangle being formed over a period of time says it all. Aggressive entry for those with a keen eye on RR posted on chart. Alternatively, look for a full candle open/close below the support level with targets at 99.4 and 97.5 (rounded off)
I suspect a hike to 103 is possible
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There's a lot of data around the pair to think about: USOIL price drop = bullish, risk off = bullish for USD. Once again a drop in the SPX500 seems totally due... yet still it's grinding higher. The question is... what are your thoughts on USOIL? Higher = good for CAD and bad for JPY. CoT is bearish on oil... a rough elliot count is mostly bullish...

I guess the only thing to do is to not try to cut the corner and instead be ready to react if SPX500 or USOIL prices change?
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I like it but I don't love it. Been waiting for that Yen to come back for nearly a year now. Guess have to get some confirmation
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