1) Wait for confirmation of bearish trend in the coming weeks
2) Watch out for a bullish fake out above 111.000 PL
Just is just my outlook and not a trading suggestion. Please feel free to comment!
1) We can see the price has been consolidating for the day around a major price level of 109.800 which means we wait and see what the market decides
2) If the 109.800 resistance holds then expect the price to go bearish completing the right shoulder (RS) to 108.800
3) If the 109.800 resistance does not hold then expect the price to continue with the overall...
1) We should see a continued retrace to 108.800 (Fib=0.38) and a possible price consolidation before the bullish trend continuation to 111.200 OR a break of 108.800 and retrace to FIb 0.5 before bullish trend continuation
2) Looking left we can see strong price rejections (yellow circle) around the 108.800 price level which will cause us to believe that price will...
Some Elliot Wave fun - we could see some bearish action next week
There is also a support at 107.500 - if it holds expect price to keep going bullish
Thoughts?
1. You can notice that over the past few days our previous bearish channel resistance has now turned into a support with a couple rejections
2. Over the same time period price has not been able to break the 107.500 level but we are forming slightly lower highs which may indicate a bearish momentum; however not enough to be convincing
3. Since price seems to be...
1. Strong trend continuation demonstrated by the bulls on the daily
2. Break and rejection of the 14EMA turning to a dynamic support from a previous dynamic resistance
3. Break and close above the bearish channel resistance indicates channel exhaustion, but we may see a re-test and rejection off the current channel resistance turning it into a potential support...
USDJPY - Daily
We will be riding bearish momentum to 105.600 price level. AT this point watch for consolidation and either a reversal to the 106.500-107.000 PL or bearish trend continuation to 104.700.
