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.
how far you think its gonna go up before bounce short into the retrace ?
Elemont
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@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.
Elemont
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could even be 111
SwingFish
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@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 .. ;)