Conditions seems positive for a breakout till the next Fib level.
Triggering a long position on the pair with a profit zone highlighted as the green rectangle displayed on the chart
We are in corrective structure after a 5 wave move up on USDJPY. We seems to be in the latter stages of an end to the correction. Overall a breakout to the upside is expected. Remember this is a Daily chart, so it may be sometime before it pans out. Price zone to note is 119.50 - 119.00. Price action in thhis zone would give clues about what possible correction...
Watch UJ Close 2015 - Kissing : 120.900 (TP1) , 121.300 (TP2) The shadow on my fib edge indicate the worst case scenario for UJ to go lower but not further than : 120.397 - and then shooting right back to 120.900 , 121.300 etc.
Bonjour, The JPY pairs have a reputation of being temperamental ... and rightfully so. Throughout my professional trading career, I've traded these pairs quite successfully but I'm also aware how quickly they move. As I looked over the weekly charts of the USD/JPY today, I realized that we might just be seeing the start of yet another huge move to the upside....
Multiple long wick occur around support area suggesting that the price would not go any low than previous low (mark in chart). Currently price is at my decision point and i am looking buy opportunity only this time with 1:1 R:R
It's a simple trade - keep a lookout for this formation! 9th December's giant candle, and the inside daily candle for 10th December. A close below the HIGH/LOW of 9th December's red candle can potentially spark a breakout in that direction next week! In this case a close below seems highly likely.. Good luck.
FX:USDJPY Bullish breakout version after 72 days of "consolidation" between Weekly Support W1 and Daily resistance D1 Basic Elliot impulse with 5 waves: iMPULSE LEG: Wave 2 = 61.8% of wave 1 (Prices usually do not retrace more than 61.8% of the wave one gains; Can never exceed the start of wave 1); wave 3 = 161% ext of wave 1 (can never be the...
Looking at a potential Bullish Cypher Pattern here on the $USDJPY. Normally I would tell you that this particular pattern is coming in at a nice level of previous structure support, but with the Yen being trapped within this consolidation area since late August, I don’t think it makes much of a difference. If you didn’t get a chance to hear is yesterday check...
I’ll tell you what trader’s, there’s nothing more exciting than a pain free trade and nothing more nerve racking then needing to put entries right back on but in the opposite direction. That’s the situation that we have here on the USDJPY 1 Hour timeframe. Yesterday we had a bearish Cypher pattern roll over to smash targets (hopefully TGT 2 gets clipped) and now...
USDJPY has a chance to continue its upward trend if it holds further tests of its 1-week uptrend (in relation to 120-hour mean). Thus it is a good opportunity to enter a long position on the pair, if price pulls back to the uptrend border of the 1-week trend (upper 1st standard deviation), currently at 124.20. The stop level for a pullback trade is usually the...
FLAG PATTERN BREAKOUT. STOCHASTIC ALREADY OVERBOUGHT INDICATING A LITLLE RETRACEMENT IS POSSIBLE, WAIT FOR THE PRICE RETRACES TO H. SUPPORT. GO LONG. AND THEN TAKE PROFIT AT FLAG TARGET THAT COMES IN CONJUNGTION WITH THE 1,27 EXTENSION AND D POINT OF THE ABCD PATTERN. (WHICH MEANS THAT COULD ALSO BE POSSIBLE SHORT OPPORTUNITY, IF YOU'RE AN AGRESSIVE COUNTER TREND TRADER)
After todays breakout out of the bullish flag (in d1 chart too), we generate a bullish buying opportunity, which follows the general upwards trend of the USD/JPY. Since we are currently in a lightly overbought market (RSI close to 70) and after many big bullish candles in the last hours, we will be waiting for a small pullback to the level of about 122,85 which...
The trend may reverse at this level due to :- 1- Completion of two ABCD pattern. 2-1.414 Fibs extension for AE Leg 3- 1.27 Fibs extension for FG Leg 4-1.27 Fibs extension for LG Leg. 5- 0.618 Fibs retracement for BA Leg. 6- 0.500 Fibs retracement for DA Leg. 7-4- Valid previous structure level.
expecting some buying pressure at 122.00 psychophysical level. break retest continuation patten/Resistance became support. Also in confluence with he 0.382 fib level. Long term target still the same at 130.000