Here are my Thoughts for the coming weeks.
Lots of good Fibonacci confluence, to many levels lining up to be ignored imo.
So to start we have some basic patterns forming
Bullish Flag, we have had out impulse leg up and come back to the 382 retracement which lines up with previous structure resistance which could ...
soysaucewithrice1/USDJPY+1/GBPJPY+1/EURJPY+1/CHFJPY+1/NZDJPY+1/AUDJPY+1/CADJPY, D, Long, 8 days ago
Yen has rallied from its recent lows near the end of 2016. Bearish stance remains intact however allow further rebound into the .236 or .382 fibonacci area. Expecting Yen to continue its rebound as long as its 2017 lows is not broken.
GJ has began its fall, and there is a very large range to fulfill, the question is, what fundamental movement in the market will drive the plummet and to what extent? Many complex factors will fuel the move down, and it is imminent.
Retest awaiting confirmation RESISTANCE THEN WAIT FOR A TURNAROUND OR A BREACH OF RESISTANCE.
1) IF THE PRICE WE CAN BREAK RESISTANCE TO GO IN LONG 132,008.
2) IF THE PRICE RESISTANCE bounces off we can take TP1 125.30 and TP2 127.35 ..
This short is based on the current price action and Clone levels. I had shorted this at 131.90 with stoploss at 132.5 , i will be adding more at the break of 131.38 area for the target of 130.33
Clone levels :
For Upside: 132.5-132.95-133.48
For Down : 131.9-131.38-130.85-130.33
Note: this is not a trade signal ...
50 Delta ATM Volatilities:
- $Yen has an ATM implied volatility curve of 55.95%mrkt 24.08%1wk 18.31%2wk 14.12%1m
- Obviously we are aggressively steeper in the front end, with BOJ tomorrow and JPY MOF Fiscal Package details coming next week providing heightened vol for the 1day and 1wk vols - naturally ...
Here we have a nice very BIG bullish cypher Pattern completion.
For those of you who got into the trade very late like myself then this will be a nice RISK:REWARD situation right here.