FX:USDJPY   U.S. Dollar/Japanese Yen
456 6 5
USDJPY             has broken out strongly from a major flag pattern and a smaller pennant on the Daily, forming a new very narrow channel. As this channel is very narrow we expect it to pull back very soon but with an overall bullish continuation after. A break of the orange narrow channel is considered very bearish short-term.
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nullx8
14 days ago
how far you think its gonna go up before bounce short into the retrace ?
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ElemontFX nullx8
14 days ago
@nullx8, Hard to say. If it breaks the narrow orange trend it is expected to drop for a little, so as long as it keeps bouncing off the bottom of that it'll keep rising. If I had to speculate I'd guess a drop roughly where my down arrow begins on the chart (111.4-112). You'd need to see a reversal pattern though and not enter short blindly.
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ElemontFX ElemontFX
14 days ago
could even be 111
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nullx8 ElemontFX
14 days ago
@ElemontFX, i'm still long .. hope the gap not costs too much .. i guess if the gap down is too large we may drop immidealty my personal reversal point is at 111.65 .. but iam not so sure anymore about it .. ;)
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ElemontFX nullx8
14 days ago
@nullx8, profit is profit nonetheless ;)
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waterman
14 days ago
Well done. Thanks.
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