Forex Trading Library

USDJPY – Ending Wedge to limit further buying 2019-02-07

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Monthly: Holding within a corrective channel formation. A solid break of support at 107.52 opens the way for a more aggressive corrective AB=CD formation. The measured move target is 92.00. This is just below the 61.8% pullback level of 94.77 (from 75.56-125.86)

Daily: Completed a 5-wave count to the downside (Elliott Wave). A strong recovery can be seen from the 104.65 low (3rd January 2019). We are trading between the 50 and 61.8% pullback levels of 109.60 and 110.77. Previous support from 7th September 2018 now becomes resistance at 110.38

Intraday (8 hours) – Mixed trading has resulted in an Ending Wedge formation being posted. A break of support at 108.90 and the measured move target is 106.80. Trend line resistance is located at 110.27. Bespoke resistance is located at 110.27. With aforementioned resistance seen at 110.38, this is a prime area to get short.

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