USDJPY - Happy New Year #2016 (Short side still in play)
This is the updated chart for the year, from last year.
Price managed to touch to the 123.1 level and there looks to be a move building up to the downside. A close above 123.1 on monthly will invalidate the set up. Expect a gradual decline lower to 106 - 102. Could take 2016 or next year
Watch for break of the steep price channel. There could be a minor move higher which should be the last pop before prices start to fall.
Good luck and Happy and a Profitable New Year
Price managed to touch to the 123.1 level and there looks to be a move building up to the downside. A close above 123.1 on monthly will invalidate the set up. Expect a gradual decline lower to 106 - 102. Could take 2016 or next year
Watch for break of the steep price channel. There could be a minor move higher which should be the last pop before prices start to fall.
Good luck and Happy and a Profitable New Year
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