USD/JPY Bearish Path Projection
In the analysis is a projection of a possible correction for the
USD/JPY pair over the long term.
I believe that price could enter a corrective move all the way
to the 113.470/80 level above, as long as price doesn't close
below 105.250 prior.
The projected path depicted has price re-testing the 61.8%
Fibo retracement level, which is also near the trend line
intersection level of the upper and lower trend lines. I
always draw this line as a reference point for breakouts,
thus if price gets rejected at this level the breakout has
reasonable validity.
Following an AB=CD pattern, the third leg would eventually
reach the 95.017 level, immediately above the 61.8% Fibo
retracement level from 75.56 to 125.856.
This is merely a long term bearish projection, and should
not be used precisely as depicted.
Happy trading
In the analysis is a projection of a possible correction for the
USD/JPY pair over the long term.
I believe that price could enter a corrective move all the way
to the 113.470/80 level above, as long as price doesn't close
below 105.250 prior.
The projected path depicted has price re-testing the 61.8%
Fibo retracement level, which is also near the trend line
intersection level of the upper and lower trend lines. I
always draw this line as a reference point for breakouts,
thus if price gets rejected at this level the breakout has
reasonable validity.
Following an AB=CD pattern, the third leg would eventually
reach the 95.017 level, immediately above the 61.8% Fibo
retracement level from 75.56 to 125.856.
This is merely a long term bearish projection, and should
not be used precisely as depicted.
Happy trading