I am expecting a return of 1.1950 levels before continuing to the downside of 1.1825. However, we can see the opposite scenario and see price move upward but not highly probable. Keep an eye at the price at the end of the trading week.
Hey traders! A potential ABCD Pattern setting up on the USDJPY looking for a D leg completion at the 103.58 Level. This week is full of economic news events so be mindful of that. Descending trendline confluence is also present at this level.
Awaiting outer trend line bounce or break, we could see a sell of due to the 61.8% retracement, 127.2 extension and inner trend line break. the green zones indicate possible buy setups and sell targets if bearish.
I am currently active in a short position but I will be looking for a long position ideally around 0.74500. Target 1 and Target 2 zones are also support zones so we may see bullish momentum when the market touches these zones.