This evening, the Japanese Trade Balance came in at 45 Billion below consensus. Now I am awaiting the consensus for next week's CPI rate (previously 0.7). A negative consensus following the recent trade balance release will all but ensure a profitable trade on either this pair and/or the CHF/JPY long.
The completing of these 2 patterns at the same time also bring confluence to each pair. Across the board the JPY is sitting at support and/or showing as extremely oversold. I am expecting yen sentiment to turn in the coming week.
A:C = 1.13:1.618
B:D = 1.618:2.618
X:D = 0.886:1.13