This is very weird pattern / wave but I have traded such crazy waves in the past. It can happen if there is a really bad news coming in next few days. USDJPY can close the year under 110 and spend most of the 2018 under 110 if this so happen.
Selling pressure building up after the bullish wave completed at 113.55-113.6 which was earlier target and met.
Now if it trade below 113.25, please do not hesitate to short, more conservative traders can short under 113-112.95 for the first retracement to 112. The pressure will increase if 112 is broken to trade back to swing low near 111-111.5
STOP is sitting...
USDJPY is my all time favorite there is no doubt about it but days like these really drive even the smartest trader thinking what the smart money is thinking of?
Every one know that USDJPY has pending "right shoulder" of H&S pattern with neck line at 111.5 and once broken can retest 107-108 levels on downside
But has anyone notices the nice cup & handle...
This is my first attempt to publish ideas on TradingView so lets see how that goes in terms of acceptance.
I am betting against the BULL run of ETH due to two fundamentals
1) YoY growth of 4000% / Sitting at ATH
2) Rising wedge with lower highs and a Wolfewave
The risk on the break on upside is minimal..
SHORT @ 395-385 with HARD STOP @ 415, Target is...