it's bullish diversion on RSI and double top case with the last leg of the Gartley pattern it worth it
THE POTENTIAL BEARISH BAT PATTERN: AB=0.723XA; CD=2.24CB XD=1.27AX ZONE FOR SELL: S/L above 124.480 Target 1 = 123.990 Target 2 = 123.860 Target 3 = 123.340 Open your position after news (Gross Domestic Product Annualized (Q2)Preliminar). Thanks for your likes and comments!
USDJPY @ 123.18 at the time of this post update. It seems Yen has already completed it upwardly move and on four hourly chart ready for downward target in 121.90 area with stop above 123.40
At long term we should face a 3-4 week correction as at D1 chart i can see divergency between MACD and price. This brings me with short term possibility of selling. In H1 oraz H2 interval we can see a triangle which seems a strong bearish structure.
I see a short term decline in the USDJPY followed by a rally in USDJPY until potentially November 11th or so. Then I see a sharp decline. I would have opted for a sharped decline down to 105.00 sooner rather than later if not for the strong dollar trend right now.
>MAJOR AND MINOR FIB EXTENSION & INVERSION LEVELS COME IN CONFLUENCE WITH ABC PATTERN COMPLETION + THE TRENDLINE THAT ACTS AS RESISTANCE. >ENOUGH FOR YOUR CTS GUYS? IF NOT YOU CAN WAIT FOR ANOTHER CONFIRMATION SUCH DOUBLE TOP IN REVERSAL ZONE OR CANDLESTICK PATTERNS THAT SHOW BEARISH SIGNAL. > FOR ME, GO SHORT AT 127.290 LOOKS ENOUGH TO MAKE SURE WE CATCH THE...
After aggressive bounce off the demand zone price rides deeply into supply zone at 122.575 - 13.378. At this level we have low risk high reward opportunity to sell. I set initial target just before last pivot low, beacuse there can be some demand left inside zone at 118.455 - 120.172.
BEARISH ABCD PATTERN CALLS FOR AN IMMINENT RETRACE
The chart with a larger time frame to my earlier published 15min chart which was too short term. Stoch RSI could indicate a pullback before having a rocket up, so going to move my S/L to slight profit once it plays my way. going to kill the trade once it shows strengths to the upside. Going to look for a long after the short as well ofc. But I don't like going...
Above 123.75 the pair becomes extremely bullish...
USDJPY BOUNCE SHORTY TRADEIDEA365 from JAPAN
This is a support, I wouldn't long right now but if it breaks this level and retraces then I'm gonna jump on the slide down.
UPDATE: TP 1 hit closed trade. Elliot wave count Wave 3 may fall till 121.055. But 120.145 or 118.472 are also valid if this pair keeps breaking these levels.
This channel is currently holding up nearing today's market close. For those looking for an optimized trade, I would actually leave any short entries to Monday's open. Given the current selling, we can expect a gap up as traders are looking to cover. Once the gap up occurs, I would be looking to enter short once again at the much better price. Pair continues to...