Preferred scenario for the summer:
USD/JPY did not made into the major support area 107 - 106´s. JPY could still show strength against the US dollar, hence I gave it a first split entry at resistance to chase the 107 low prices. However, new low prices often only come after a some kind of ABCD correction. I am typically planning a second entry on D somewhere between 1.141 & 1.618 of bc, depending n the lower timeframe price action and if an advanced price action pattern will appear. First target at the april lows and second around the 107 - 106 low depending on the momentum of the desired short fall.
If my underlying assumption is wrong I will hedge prices above the March highs to stay neutral and see if USD pushes above 118.6 JPY.
Any one having similar midterm assumption at this stage?
USD/JPY did not made into the major support area 107 - 106´s. JPY could still show strength against the US dollar, hence I gave it a first split entry at resistance to chase the 107 low prices. However, new low prices often only come after a some kind of ABCD correction. I am typically planning a second entry on D somewhere between 1.141 & 1.618 of bc, depending n the lower timeframe price action and if an advanced price action pattern will appear. First target at the april lows and second around the 107 - 106 low depending on the momentum of the desired short fall.
If my underlying assumption is wrong I will hedge prices above the March highs to stay neutral and see if USD pushes above 118.6 JPY.
Any one having similar midterm assumption at this stage?