US indices are reaching the top of their respective channels and nearing resistance lines too. Given the recent bull run on stocks I'd say that we're due at least a corrective pullback.
We are currently sitting at the top of the bearish channel and I will watch the smaller timeframes waiting to see if the dow jones will pop up to the resistance line last touched...
Considering entry anytime now, following the shorter timeframes and looking for a potential fakeout of the descending channel and then we could see a triple top formation followed by a massive drop in this pair.
- Profit take at around 137.15 so we are looking at about 4500 pip drop to hit this - I think it'll drop further but we could see some resistance and...
FX:USDJPY JPY has been massively oversold on all fronts and USDJPY is no exception.
We have seen the start of a trend reversal now which has been overdue, supported by the high volume and the pause now as bears wait for their next move.
Expect some support at 120.6 before returning to the 2016 highs of 118.7.
USDJPY has skipped many resistance lines in its latest...
