OANDA:USDJPY is finally headed lower towards the 145.00-145.50 area where there are multiple patterns completing. From here we should see some type of rally and the way it moves will give us the clues for a bullish or Bearish continuation. Def one to watch over the coming days. NFPs tomorrow which will stir the $$ up either way. Enjoy the day.
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After breaking through all the levels I was watching later in the week I now take a look at the bigger picture where we have a couple of possibilities. The first is a rally where it fails between 147-148.00 then we see a move down into the high 130s. The other option is having the correction over on the spike low and now we head higher to take out the Double. Some things to watch over the coming weeks. Enjoy the week. I will post updates as things go along.
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After a low comes in I will be looking at the retracement to see if its an ABCD pattern to get short for the next move down. From there I will be looking to reverse long but thats a little bit away and we do have US CPI Inflation data out tonight which will swing the markets.
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Updates tomorrow on FX Markets as we have Inflation data and the US Interest rate decision later. A major Change in Trend Window today as well.