As I wrote yesterday (see related idea) we are around the end of the weekly cycle and, now, with the movements of today, it's about to complete a head and shoulder. Double probability.
I placed a buy order at 0,7515
Following the standard movement of a cycle (explanation here) we are on the second top (also known as 5th wave for Elliot).
Looking for buy entry since the bigger trend is bullish (higher highs and lows)
The price is now decorrelated from the weekly cycle (not shown here) so, back to usual pure technical analysis:
Usd/Jpy's just broken the last top so I'm looking to buy the dip.
Next levels: 105 - 105,50 (cyclical moving average + channel) and 103.50 (two supports)
How to identify support and resistance using the ...
We are around a multi-year low so there aren't many support (both static or dynamic).
The only thing we can see is that the weekly cycle it's ready to reverse (speaking about time) around a higher low. (Bullish situation)
Looking to buy around the two green arrow.
After the perfect swing low of yesterday (see related chart) It just did a lower low, so following the Dow's law, we are in a bearish trend so I will look to sell (never try to catch a falling knife).
Hurst cycles suggest around Monday of the next week.