Technical outlook on USD/JPY
- Thread starter JSSPMK
- Start date
You got some airtime going up from your posted entry so that was good. Enough to move stop positive, good call.
Re the larger picture I still think that the large consolidation over last several days is an ABC up possibly complete shown on 1 hour 30 day chart with drop likely. I continue to polish trendcatching and might short if other pairs don't have my attention more than a possible U/J short but prefer to catch extreme bouncepoints for possible large swings which in the case of the U/J would be a bounce off extreme point of double bottom of 105.00 approx for a chance at a few hundred pips up. Friday may be the day that clearly confirms next week's larger direction. If it does go up then A of a much larger ABC is not done. If down then ABC correction up is done then final impulse down is in order. Whatever the case, all the best.
The ABC up of yesterday is clearly done and lower lows reached bouncepoint for correction so will watch for a higher point to re-sell unless Elliot Pattern morphs into something larger pointing for much higher highs. It's a trickier than usual 30 day pattern to read for large swing directions still despite recent downward movement. At this point the continued downtrend seems likely overall however studying news for market sentiment might help insure against surprises.
Both the reversal point as likely bouncepoint and likely target of below 108. 50 possibly as precise as 108.20-25 if the micro Elliot count completes it's impulse... often does but not always precisely.
If not im stoping out at 107.80ish