USDJPY
Though the long term downtrend was imminent in USDJPY it has managed to bounce from 102.600 towards 111.00 level where it met some major
resistance and started falling towards south.Series of Lower low and Lower high patterns are forming and forming clear downtrend channel.Currently the
5th Elliot wave is underway.The lower side trendline adnd 108.00 (key psychological level) will be a another reason for buy.Comparatively the DXY is in downtrend
in recent days and the yield of bonds was declining so its better to short this pair now.Break and retest will pave a way further for bear.
The current price was well below the 03 Exponential moving averages (50,100,200)&Point of control
*Price-below price action level
*Price below point of control
*Price below 03 EMA (50,100,200)
*Fundamental support-JPY over USD
*Downtrend channel
*Elliot wave-05 underway (Bearish trend)
Disclaimer!
This chart represents the future expected move only-Not a financial advice
Appreciate good works-
“Don’t judge each day by the harvest you reap but by the seeds that you plant”
