USDJPY, Hosoda "N" wave
Here we are in the B1 Semiannual, with the price that has gone into double maximum, but I firmly believe that this level will be broken.
We are close to the closure of the annual (March 15th) and I believe the price is making the last sprint towards a new relative high.
If we project the last short uptrend by calculating 38.2% as the second restart point, we notice that the price would create a resistance at 117.28, called the Hosoda "N" wave; this level could be our entry point for a medium-term bearish trade.
The MCS is already in the phase of excess strength, just missing a new high and a signal to confirm this hypothesis.
Let's wait.
We are close to the closure of the annual (March 15th) and I believe the price is making the last sprint towards a new relative high.
If we project the last short uptrend by calculating 38.2% as the second restart point, we notice that the price would create a resistance at 117.28, called the Hosoda "N" wave; this level could be our entry point for a medium-term bearish trade.
The MCS is already in the phase of excess strength, just missing a new high and a signal to confirm this hypothesis.
Let's wait.
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