USDJPY IS IN STRONG DOWNTREND FOR MONTHS NOW.
WE JUST HAD A BREAKOUT FROM AN UP-TRENDLINE WHICH IS
NOW BEEN RETESTED.
A NICE HEAD AND SHOULDER PATTERN IS ALSO FORMING TOGETHER WITH
THE BREAKOUT & RETEST FORMATION.
PLUS, AN ABCD PATTERN IS FORMING.
I WOULD WAIT A LITTLE MORE UPSIDE MOVEMENT TO RETEST THE PREVIOUS HIGH
(LEFT SHOULDER) AND THE 0.382 EXT.
MY TARGETS ARE THE -0.27 D EXTENSION (THAT
IS ALSO THE LAST LOWER LOW) FOR A NICE 1:7 RISK:REWARD
AND THE -0.618 FIB EXT FOR A WONDERFUL 1:10 R:R.
WE JUST HAD A BREAKOUT FROM AN UP-TRENDLINE WHICH IS
NOW BEEN RETESTED.
A NICE HEAD AND SHOULDER PATTERN IS ALSO FORMING TOGETHER WITH
THE BREAKOUT & RETEST FORMATION.
PLUS, AN ABCD PATTERN IS FORMING.
I WOULD WAIT A LITTLE MORE UPSIDE MOVEMENT TO RETEST THE PREVIOUS HIGH
(LEFT SHOULDER) AND THE 0.382 EXT.
MY TARGETS ARE THE -0.27 D EXTENSION (THAT
IS ALSO THE LAST LOWER LOW) FOR A NICE 1:7 RISK:REWARD
AND THE -0.618 FIB EXT FOR A WONDERFUL 1:10 R:R.
