In my previous chart (over 2 months ago) I suggested a long trade which materialised but from little lower lever;. That long trade was a retracement of the previous strong decline which bottomed at 91.70 in Late January. That low could be potentially larger Wave A low and we have almost completed a retracement in the for of abc zigzag. If correct then we are in...
After we finished last week with a HUGE bullish pinbar on the GBPAUD (see: www.forexvader.com) , it looks like we might be able to ride the GBPJPY up too, with the confluence playing in our favour. The GBPJPY has been retracing in this descending triangle since Dec '14. Having been rejected from the 176.5 Support and the 0.618 retracement previously, price is now...
The $GBPJPY is on an interesting level - Support zone and 200 SMA line provide support. From this zone two things can happen - A breakdown towards the completion of AB=CD pattern or a rally towards the completion of a bearish Gartley. Read the full analysis and more in this week's Weekly Markets Analysis newsletter marketzone.tumblr.com Read the article about...
The current trend is controlling by bear which is pretty obvious concerning the fundamental issue. So I'm expecting the market may fall more. There is also a Gartley completing around 171.5 and a ABCD completing around 171.12 which can be a good point to buy the pair. But before that, let us have to wait to break the golden ratio 61.8% which is around 176. Else,...
Downtrend continuation confirmed, bearish flag breakout is in effect. Relative strength tells me it's the perfect time to enter short with a tight stop. Two possible entries, one under the low, and one at a possible retracement. 1.25% risk each, good luck!
With a breakout of the triangle wave (5) of ((5)) looks to be underway. target is based on the size of the triangle and .618*wave (1) of ((5)) 4h chart: trading analysis price broke and closed above the descending trendline of the triangle after testing this area the first few days of March price pulled back to this trendline at 120.00 level - this was the...
USDJPY is currently building to a breakout of the ascending triangle. We had a false break on Friday and price has been making higher lows since mid Jan. After the break of the triangle we should see a break of the 121.800 level. My target will be 124.00.
$USDJPY has rallied off the 50% fib as predicted. An impressive NFP print on Friday gave the pair the much needed fuel to break out of wedge consolidation and take out the 2015 high. Breakout targets multi-year high at 121.838 - Bullish above 119.81 (Pre-NFP low).
GBP/JPY short to 179. Strong selling pressure towards end of last week. Price is at key support level so we may see a pull back to 182.500 before a move down. Keep an eye on the price action when the market opens on Sunday night. I will wait for break of level prior to entering trade. Target level of 179.00 This coincides with ascending trend line, 200EMA and .618 fib.
CAD/JPY has been in a dominant bearish trend since December 2014 as the breakdown in the Canadian Dollar, largely influenced by the crash of oil prices, has crippled the currency. January 2015 resulted in an absolutely massive bearish engulfing bar on CAD/JPY, February offered us a nice bullish pullback, and now we have the continuation pattern in play. We have...
Multiple potential advanced patterns setting up on the USDJPY all around the same area. We've yet to break out of this consolidation, but if we do before Friday's Jobs number, we have a good location to look for our next short. Before I get a million nasty messages no, I don't think dollar weakness and Yen strength long term, but that's what makes me a "Trader"...
Since publishing last USDJPY chart suggesting bearish pull back or correction the price action has been relatively choppy and sideways congestion with associated difficulties in labelling correct counts on each swings. However it appears that with initial zigzag decline in to Dec low, the price action has formed what appears to be bearish triangle which could...
AUDJPY has been in a downtrend for months due to a weakening Oz economy (in recession). The Aussie has strengthened this year climbing to the 0.50 retracement of the last downswing. The current upswing has taken out intermediate supply on its way up and is now getting to the 0.618 level which coincides with an intermediate supply zone @ ~94.160. the rally into...
After breaking out of the descending triangle as I pointed out in the last idea, prices should now climb back to the ~134.500 area to "test" the previous intermediate demand zone. Should the zone still be imbalanced another push to the downside is likely. This level coincides with the 0.50/0.618 of the previous down move and should head to ~132.500 if not...
Price has been moving lower recently, creating a descending triangle (bearish pattern). Intermediate supply zone @ ~135.210. Reaction from the area should hopefully bring about a drop in price. Distance of drop should be equal to width of triangle (all things being equal). Possible target, 134.000. The zone @ ~135.580 has been tested a few times and should be...
Looking at a potential reversal point depending on the daily close. PA seems to be foriming a double top which may push price back down to previous support of 180.400. Look for dynamic resistance from the the 20 & 50 EMAs. If price breaks the 184.150 level we will look for a pullback entry.
Looking at a long opportunity here on the USDJPY for a few reasons. The first is a retest of our previous outside return and the second is the descending wedge pattern that exist. I'm typically not a wedge, triangle, flag, or pennant trader, but I am a structure trader so when all the starts are in align I take it. SYNDICATE members I'm producing a video as we...
We are still watching the E6 closely. There was a false move on Friday. Could this have been the first pump before running? If they push it down Monday or Tuesday the weak longs will get squeezed and bail on their trades. Best to wait for a close outside of the wedge before looking for a trigger.