The pair seems to be in a 60 min consolidation. Once this consolidation is done and the pattern is completed, it could move Upwards to retest the previous highs. I wouldn't go short at this point but I wouldn't buy either- before the consolidation is done.
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