Attached Image
The above chart is 4 hour chart for USD/JPY.
A channel is bounded by pink lines.
A resistance is at 106.80 now (marked with yellow circles).
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DislikedHi this is my first post ever~~~ would this chart pattern be better instead of the cup and handle? {image}Ignored
Dislikedmany believe that JPY is heading down , which it avoids deliberately...to me, if you look h4 chart you can clearly see USDJPY is currently on B line of Elliot waive where it completed 1,2,4,5 and now is drawing ABC where C should bring price to around 107.800 before doing anything else.. i think japanese is reluctant the price to go back this early..Ignored
DislikedSell it hard with both fists. The big money is going to come in and smash this thing down to 106.3...at least. Equities were able to find another bag-holder. Don't let it be you. Final target in this sequence is 102.26. Happy hunting!Ignored
Disliked{quote} Fundamentally u may be right. But techncally...daily usdjpy has been sliding since from the high of around 109.70s to its present level of 10630/40s. The support around 10590s is just a short distance away... It may not plunge down steeply but it may trickle and erode which is good deterrence atm and there is nothing to stop the bears from carrying it all the way down while they are at it and testing it at its support (which i am quite sure bulls will be standing poise ready to take up the offer and bring it higher). But how high it will...Ignored
Dislikedit's a shame I missed this downward trend breakout this afternoon. Lesson learned for future {image}Ignored