USDJPY
After the break of the ascending trend line
and no bodily closure below 110 we find ourselves
retesting daily resistance at 111.5 a nice
psychological level and a clean test at our
favored fib zone. Fridays candle showed that
sellers are now getting in from three full days of
bullish pressure. If you take the mouth of the
ascending wedge and follow the break we can
have an idea that price may fall below 108 support.
Something to pay attention to is we
never had a clean retest of the break although
it was very close in 08/15. We may just be retesting the highs
at 111.5. UJ cannot be taken lightly as it can do
it's own thing. I would like to have a nice bearish
candle and a close below 111.225 that will give
me the pattern needed to enter a short trade to 108
and no bodily closure below 110 we find ourselves
retesting daily resistance at 111.5 a nice
psychological level and a clean test at our
favored fib zone. Fridays candle showed that
sellers are now getting in from three full days of
bullish pressure. If you take the mouth of the
ascending wedge and follow the break we can
have an idea that price may fall below 108 support.
Something to pay attention to is we
never had a clean retest of the break although
it was very close in 08/15. We may just be retesting the highs
at 111.5. UJ cannot be taken lightly as it can do
it's own thing. I would like to have a nice bearish
candle and a close below 111.225 that will give
me the pattern needed to enter a short trade to 108
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