fxmillions
Short

USDJPY buy on pullback and then short

FX:USDJPY   U.S. Dollar / Japanese Yen
591 23 7
I have marked this idea as short because the major move expected is a sell. Well, until price reaches the upper trendline structure, its a buy. But I will be looking for pullbacks and corrections on lower timeframes for more entries.

For a detailed forecast of this D leg of the triangle refer to Contracting triangle in the making USDJPY

This is not a trade call, but only my opinion and forecast of the pair for medium/long term.
Before coming down to 119.2.. i think uj will remain supported above 120.5 for hitting 122.2 then after consolidation i expect it down..

snapshot
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Thanks jhakas, you have some detailed forecast. Nice.
+1 Reply
jhakas fxmillions
I will be looking to buy uj after market open for target above 122..
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I will be watching it @market open, and only take trades if it pulls back to the "bottom trendline of the D leg (not marked in the chart)."
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jhakas fxmillions
I will be selling from your D Point.. but after buying.. we have nice fundamentals now behind uj.. and for short time it will continue upside.. without giving much retracement..
+1 Reply
Its a daily chart. So there is still some meaty trades to the upside. But I dont look at fundamentals. They confuse me.. :)
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jhakas fxmillions
from last few mondays.. uj usually turned up first then pullback...
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jhakas fxmillions
here is now entry point..

+1 Reply
C cannot go farther than A
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In a triangle? Really? Never heard of that rule.
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