At Least 100 Pips Correction Coming
Updated
Yen has been steady, and when it's strong, the ride feels like never-ending. However, the price has arrived in weekly 61.8 fib, which suggests that some correction will happen.
The overall trend, of course, is bearish that's clear as blue sky, but I'd see price correcting at least 100 pips to top of the channel before it's clear which one is dominating from that point.
I will play this one safe with 30 pips stop loss and targeting to 137.900 ish, giving the slightly over 3:1 RRR.
The overall trend, of course, is bearish that's clear as blue sky, but I'd see price correcting at least 100 pips to top of the channel before it's clear which one is dominating from that point.
I will play this one safe with 30 pips stop loss and targeting to 137.900 ish, giving the slightly over 3:1 RRR.
Trade active
Bulls pushing hard through the base, if we see a clear break I'm adding more longs.Note
Consolidation box is broken to the upside now, let's see how the trendline reacts.Trade closed: target reached
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