finitemonk

USDJPY - SIMPLIFICATION & RECONSIDERATION.

FX:USDJPY   U.S. Dollar/Japanese Yen
69 2 0
There is a lot to be said for scrubbing charts and looking afresh.
I've just done it. Paired my median line analysis back to the basic
channel and then take a real far away view, right back out.

I then added the most obvious place for a downward modified Schiff. And kept the
upward Andrews Pitchfork

I like the result.

Notes and observations:

The downward Schiff - I like the way the pair made it on crash recovery
from A to B, one 0.75 retracement to its opposite. The imperfect balance & symmetry of nature.

The upward Pitchfork has been steadily 'wafting' the pair back up. One can notice the bullish gaps where the
points of return upward are raised above the line levels.

Excepting the leadership of the long term channel and accompanying median line, I think of the two others, the downward fork has more discipline over the pair ultimately than the upward.

Looking back at point B where the pair over a 52 hour period, attempted, hesitated and finally failed. Then look at what happened last night on the downward suction of a minor but sharp drop in the Nikkei. It didn't make it to the outer Schiff line, and so we have a clear bearish gap. I read this as very significant.

I heard yesterday on the wires of a bullish break out. I think the bearish gap quite probably said no.

Looking at what I think may be a substantial dropping of the pair early part of next week, (especially if there are closures of large long positions, maybe even running into close today).
Bou_zid
3 years ago
one of the hardest pair to analysis ; but good note you have made; keep up good work;
ps: you draw to much lines ( supp; resis, chan....) keep it simple is the best complexity.

have a nice week end
Reply
finitemonk PRO Bou_zid
3 years ago
Thank you. I accept your too many lines comment. I'm trying to look more at the gaps as an alternative to lines.

You have a good weekend too ;)
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