Thinking short for now.
Range 100 - 111 is an area that USDJPY always fluctuate.
Every time when the px came from above 111 will find its support around 100-104 and bounce upwards. After this bounce, px always finds resistance around 111 and come back to 100 level again (no matter DXY is rising or dropping).
So I ...
- The pitchfork worked well, and we don’t have a price failure
- Currently in a downward wedge, might be able to determine a direction tonight due to NFP
- The double top pattern seems to be working, with a target pretty close to the key support level of 2153.5
- Quite close to test the 50MA. Break ...
Potential AB=CD pattern, but 0.886 level (50) is hard to pass.
So there are 2 possible scenarios
1. Purple. Complete AB=CD pattern, tgt @ 54.94
2. Purple & Green. Px failure, and could drop to test the hagopian line.
On weekly chart, there's a potential IHS pattern waiting for confirmation.
So GBP took an extreme dive today (more than 15% at the bottom). The reason was that the market expectation was that UK would vote to remain in EU. But it didn't.
The situation is that UK people voted to leave EU, but it will absolute take years (2+ for sure) to take care of all sorts of issues ...