USD/JPY Short Idea (5/29/19) 1HR Chart
- Looking at a double top off of the 200 EMA and a disturbance level
- DXY is looking like its going to be bearish so then UJ should also follow
- Looking for price to come down to 109.140
Support and Resistance: Resistance W1 (pink) + Resistance D1 (blue) + Upper Edge Channel (Zone 112.4)
Supply and Demand: Last Supply (D) + Lower Edge Channel (Zone 111.0)
Forecast: Price up to Zone 112.4 (Resistance) and down to re-test Last Supply (Zone 111.0). After that Up to break All of Resistance (Resistance with so many TOP) zone 112.4. And target to...
With the impending US economic bust that is about to happen when the Dollar bursts (based upon the DXY and US30), I'm bearish on UJ for this week.
I see it continuing in an Elliot wave pattern to retest its low point from early last week. I want to see if price respects that low point or breaks below it for the continuation.
The USD/JPY currency pair is forming a symmetrical/isometric triangle on the weekly chart, and moving down to the daily, we can see that price has made a major push to the downside already, and and is consolidating and forming a smaller symmetrical triangle too, as i believe it is getting ready to continue with its bearish momentum before it gets to the support...
If you look at the USDJPY pattern from last year (there was a rate hike on Dec 13, 2017), a top and then three increasingly lower tops before a strong pullback, it looks very much like this year, 49 weeks later. Supporting this is a mirror fractal (shown in yellow) from the last recovery. If the pattern continues, we could see 105-106 in March 2019. The pattern...