USDJPY waiting for a trendline breakout for a LONG
Updated
USDJPY seems to be in an ascending diagonal for a Wave C (black). I expect some more short-term downside for one more lower low, probably testing 111.50, in a confluence of a support region, 0.618 FIB, and a rising trendline from March.
A LONG trade can be taken after breakout of the October descending trendline. My first target is at the 100% extension of A->B just below 115 (which is also a major resistance area).
RSI & MACD aren't showing divergence, which is supporting of the continued downside for the short-term.
Maybe I'll even take a quick SHORT trade to get some low-risk pips.
A LONG trade can be taken after breakout of the October descending trendline. My first target is at the 100% extension of A->B just below 115 (which is also a major resistance area).
RSI & MACD aren't showing divergence, which is supporting of the continued downside for the short-term.
Maybe I'll even take a quick SHORT trade to get some low-risk pips.
Note
Grabbed 40 easy pips on a quick short... and the green uptrend line is holding up nicely so far.RSI & MACD are beginning to show divergence. EW count on smaller TFs also show a possible ending of wave C. I might even take a small LONG position on the next touch of the trendline.
Note
Trendline was broken. Ideally we should have a pullback very soon, maybe even a retest of the uptrend line (green). That will be my entry point.Trade active
Uptrend line tested and rejected.
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