Long

USDJPY: Looking for Long entry

Updated

Possible trade plan for NEXT WEEK. (currently Friday, not a good time to enter a trade).
So this is posted just to observe action on Friday and the Monday will be possible entry watch.
This is based on TA only, have been out of touch with Fundamentals.

Looks like UK downtrend might be turning (USD in general).
First EW impulse waves have had extended wave 5's, to be a very bullish signal.
Waiting for retrace to look for entry.

107.00 would be the ideal range to watch if it retraces that far.

Note

UJ has not pulled back at all yet :(

But I have updated the counts a bit.
Small change to the wave 5 of 3 that we are in: it has stretched to the next .236 fib, a common overshoot.

Lets see if it pulls back from here.

Note

Interestingly enough, UJ also hit the .236 extension on pitchfork that it has been bubbling near the top of:

Note

Looks like it might be dropping from the .236 overshoot. Waiting to see if it bounces off previous local high or not

Note

ome thoughts over the weekend, posted on chart pic:

Will wait to see what Monday does.
Looking for a pullback to gauge.

Here is the link to explain the 110.025 price:

USDJPY, Fibonacci, and the Magical 110.025

Note

Wow, what a beast. Looks like next target will be easy

Note

Maybe something like this

Note

Looks like they are trying to close the weekend Gap.
So I am looking for a couple possible scalps.

Note

Waiting to see if they can fill the gap or not.
I expect some defense just above gap, which happens to be the 2.618 extension of gap up, and the 4.618 extension of the move today. The bottom o gap should be VERY strong support, as it will be mission accomplished, and there is the Daily S1 pivot for support

Note

Definitely some bulls defending, as expected.

Note

Wow, looks like Gap Defense holing so far:

Note

And now a bounce.
Suspicious bounce, but there may well be a lot of buying interest

Note

Attacking Gap Defense again

Note

Defense breached

EuroMotif

the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.