=> After completing the ABCDE triangle formation we widely expected with the flash crash we are almost ready to turn down once more. Markets have retraced almost 61.8% of the leg and here expecting 110 to cap any further upside.
=> This key resistance will attract selling interest and act as a barrier for any meaningful correction.
=> To the downside we can see...
What are we updating here?
=> After a dovish ECB we can see the removal of some large macro support at 1.133 which implies the prospect of a fresh leg lower.
=> After the sharp fall yesterday we managed to close below the November uptrend and Early January low to raise the odds of this consolidation range resolving lower.
=> Here we are actively looking for...
We are kicking of our first idea on Tradingview...
=> Here we are tracking the upside in Euro via odds of a 2019 interest rate hike increasing.
=> We have a wide 1000 tick range in play (1.16 - 1.26) with ECB offering support at the 1.16 handle.
=> Ceteris Paribus there is little to see to the downside here with EZ inflation prints this week likely to confirm...
![USDJPY: Risk [off] coming soon...](https://s3.tradingview.com/2/2JXaNInx_mid.png "Risk [off] coming soon...")
