Pivot: 106.40
Most Likely Scenario: short positions below 106.40 with targets @ 105.65 & 105.30 in extension.
Alternative scenario: above 106.40 look for further upside with 106.65 & 107.20 as targets.
Comment: the RSI lacks upward momentum.
Pivot: 106.65
Most Likely Scenario: short positions below 106.65 with targets @ 105.75 & 105.50 in extension.
Alternative scenario: above 106.65 look for further upside with 107.20 & 107.45 as targets.
Comment: the RSI shows downside momentum.
After monday open the new profitable opportunity is waiting in the markets. The bearish BAT pattern is creating a nice opportunity to enter the market with good Risk Reward Ratio on USDJPY.
After we saw a large drop in this pair following Fridays NFP data release, we are looking to sell this pair on the back of weakness in the USD. As you can see on the chart the price has entered our sell zone where we will wait for confirmation. Opening a smaller position now isn't a bad idea as we don't want to miss the trade.
I am not convinced the USD has retraced all that it is going to. I could be wrong. Overall I am bullish on the USD I feel there could be another pulse down before a larger move up.
Look for breaks and corrections. Buy or sell out of the corrections they may be small but you need confirmation of direction.
If USDJPY break though 150% level of fibo i believe it will drop untill 107.20-107.50 this zone . if price hit this zone i will consider to buy USDJPY. currently i think USDJPY should keep going down .
We were looking to go long on this pair on a break of the trendline however price failed that and has now broken the kumo cloud showing bearish momentum. Enter on any retracements.
As you can see this pair might get up there at R1 by today at 110.20.
Potential double top formation and RSI divergence occur at H4.
If we get rejection at D1 trendline, possible long term short or short term short whatever your trading plan is.
Our killzone or entry point would be between 110.20 - 110.35.
Goodluck and feel free to comment, Thank You.
FX:USDJPY @ .618 Retracement of Down AB Swing
Counter Trend Line Break @ Daily Down Trenline
StochRSI over bought
Price Below 0.236 of last down AB Swing
STOP LOSS: 15 PIP ABOVE PREVIOUS HIGH; @112.157
TAKE PROFIT:
FIRST TARGET - Fib Level 1.27 of first AB Down Swing @ 105.408
SECOND TARGET - Fib Level 1.618 of first AB Down Swing @ 103.328
EXCELLENT...
Sunday analysis;
The USDJPY is a clear bearish trend on the weekly, daily chart. on the 4H chart however there is a possiblity to make a quick trade against the trend by buying at the breakout of the triangle.
BUY: Breakout traingle aim at previous high channel level.
SELL: Breakout traingle aim at previous low channel level.
