there was a break down in trend channel @ 0.6127 area here bearish trend is conformed.now correction is on the way in subwave ii/minuettewave iii. since it is the second wave we may expect a sharp bounce to fib levels of 0.618-0.786 . sell at these levels with s/l above 0.6162 & initial target of 0.6130
As the sharp correction took support @ 0.6044 the next pattern is the last impulse in the sequence.subwave v is undergoing extension within extension.go long at every dips,exit all long positions at 0.6249 area,there is a high probablity of market reversing back to the support area of 0.6150.
will be an interesting trde..
My expectation is a breakdown from the triangle will occur then a true breakout
In a totallu=y diff scene a stright up breakout may happen also..Will decide the entry , the take profit regions are market sin green..
JPY / INR market about to complete the BEARISH CYPHER in 60 MIN,
So ENTER SHORT only @ 0.58275 with SL 0.58550
For further Targets we can trail our SL
I think we will see a sharp rally here once the lows are retested to complete the C wave of the corrective structure. I would watch for a reversal once the previous lows are retested. Short term up, Long time, Down trend still in tact.
There's divergence on the Daily time frame, too
the price action of the JPYINR has found support at 0.58106 which is the c level and now the bullish
wave is on course still it reaches D level i.e target at 0.59800. https://www.tradingview.com/chart/HjzNHrdK/
yen is short , since after XABCD pattern there has been nice up move and faced resistance at supply zone, i.e AB leg is completed now BC leg is now being formed. we shall target the C level as 0.382 of AB i.e 0.5890 , this is the target.https://www.tradingview.com/chart/HjzNHrdK/
Hello everyone here we have a setup based on structure. Wait for price to breakdown the ascending channel and look to short till the 0.5794 area. Stop loss would be above the high after breakdown of the channel
the price action has reversed form the demad zone at 64.261 with a target at 66.000 and stop loss at 64.000
now the bullish sentiment of the USD has subsided due to the disappointing Non farm payrolls data, we may expect rate hike in decemeber for the USD. hence JPY has enough room to increase in the meantime.
now iam in LONG position of JPYINR