Good long for a week or 2 swing trade. Nothing too dramatic here like the 200+ pip USD/JPY call, but something that could earn a few bucks. Let's see what happens.
I bought 5 JUL7 $14 CALLs @ $0.19/Contract
I'm also short 13 Oct20 $11 PUTs @ $1.37/Contract (these were purchased last week)
"C point" has potentially formed, in what could be construed as a BULLISH CRAB here on the hourly chart. If this is the case, a CD leg could have a nice run-up, to what should be the D point in the 112.50 area (minimum). A price pullback from here to below 109.31 would likely invalidate this pattern. If this is indeed the CD leg, it could take several days to...
The blue line on this chart represents a level of support from several days ago, where it was tested multiple times. It has now become a zone of resistance, being tested several times, with 2 bars actually breaking through and closing above. It seems like it wants to breakout to the upside.
I'd be getting in right around that area - around 110.30. Let's see how...
Multiple charting factors appear to signal potential reversal for USD/JPY on 15M chart.
1. Butterfly Pattern Completion at 110.36. This pattern actually is better plotted on the 5M chart.
2. Huge potential Cup & Handle formation also coincides with the Butterfly Pattern PRZ.
Let's see what happens.
