USDJPY- Can it be a double top@111.18? (180 pips + last wave)
Updated
From 108.55 looks like 5 wave sequence is done & will it be a double top at 111.18. 5th wave has travelled 61.8% of 1-3 wave distance.
If the double top likely we will see UJ testing 109.80 from where the rally started.
180 pips from previous wave back to back
If the double top likely we will see UJ testing 109.80 from where the rally started.
180 pips from previous wave back to back
Trade active
20:33 Hrs 21st Nov2016Last Price@110.94
Recent High@111.06 - at this price it retraces 80% of the fall from 111.18 to 110.46 -likely this is maximum retrace which looks good if UJ wants to travel downside in coming session.
Stops above are 111.20 going beyond assumed double top - but we saw aggressive fall from 111.19 to 110.46
Trade active
22:59 Hrs 21st Nov2016Last Price@110.98
UJ stretched to its maximum@111.13 in the current U.S. Session- close to prior highs at 111.18
Ressistance is 111.20 (Strict)
Price structure from lows@110.46 to 111.13 looks all choppy & going below 110.50-110.60 zone will be better for further downside with strict stops above 111.20
If UJ goes below 110.50-110.60 zone then it could travel beyond or more than 161.8% distance as well because of maximum retracement -almost 90%.
First we need UJ to fall below the 110.50-110.60 to continue further down.
Best Regards,
Abhishek H. Singh
Growth Director - TradingView India
YouTube Channel youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
twitter.com/TalksWave
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Abhishek H. Singh
Growth Director - TradingView India
YouTube Channel youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
twitter.com/TalksWave
Telegram Handle
(Deleted)
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