After today's inability to successfully break previous highs, we are now on the path again for the 111s! Good news for us shorting UJ before going long and continuing the bullish trend!
Only current issue I see is that on the 1H time frame we have crossed EMA 150/300 which would suggest a bullish move, however, we have not crossed on higher time frames which...
Although these last few trading days of UJ have been a bit turbulent to say the least (especially for those of us currently short) there is a little light at the end of the tunnel - this is for sure a counter trend trade, so I wouldnt really be looking to short, if I hadnt already jumped in it ;)
We are currently (as of Sunday evening) sitting at the 61.8%...
Earlier this evening we had a strong bearish rejection from the 50% FIB level from the last leg, I believe this will begin our third leg to the 111.237 area. With JPY news this evening and USD news tomorrow morning, it should be an interesting third leg!
Once this third leg is completed, look for a bullish run back up! My suggestion (if you aren't already in this...
