USDJPY 240 . . . one more leg down ?
Updated
I've got two different FIBs on this chart . . . one from the August low dismissing the BREXIT spike and a second FIB from the November low dismissing the US election spike . . . both valid but one will become more valid than the other as time passes.
The pull back channel is still holding strong . . . I've got no ambition in taking BUYS just yet as I still believe we may have one more down leg before a turn. Any BUY signal would have to coincide with a break of the top channel regardless.
Here's the basic info chart wise . . . PRICE has hit the area of BALANCE (related chart tagged) and taking a little trip back north today so far. FIB 1 and 38% has been fulfilled . . . FIB 2 is still very much on the radar and just happens to coincide with 6 x SUPPORT/RESISTANCE areas from history (scroll to the left and they are all plotted). Traders can see these areas as well as I can and they will have the same FIBS on their charts too along with the channel plotted and probably all sorts of other info too to guide them.
My charts do NOT give me a BUY signal . . . they tell me that the down leg is tiring but not over yet and I suspect that the blue horizontal line at 111.35 +/- is in the sights of many . . . it's in my sights until the top channel is broken.
I'm late today but have still plotted the 5 day AvDaRa from H&L at just shy of 170 points either side of those markers. If PRICE stays in between the two central points today, then tomorrow, the downside would take them to FIB 38% below (blue line) and something to watch out for.
The pull back channel is still holding strong . . . I've got no ambition in taking BUYS just yet as I still believe we may have one more down leg before a turn. Any BUY signal would have to coincide with a break of the top channel regardless.
Here's the basic info chart wise . . . PRICE has hit the area of BALANCE (related chart tagged) and taking a little trip back north today so far. FIB 1 and 38% has been fulfilled . . . FIB 2 is still very much on the radar and just happens to coincide with 6 x SUPPORT/RESISTANCE areas from history (scroll to the left and they are all plotted). Traders can see these areas as well as I can and they will have the same FIBS on their charts too along with the channel plotted and probably all sorts of other info too to guide them.
My charts do NOT give me a BUY signal . . . they tell me that the down leg is tiring but not over yet and I suspect that the blue horizontal line at 111.35 +/- is in the sights of many . . . it's in my sights until the top channel is broken.
I'm late today but have still plotted the 5 day AvDaRa from H&L at just shy of 170 points either side of those markers. If PRICE stays in between the two central points today, then tomorrow, the downside would take them to FIB 38% below (blue line) and something to watch out for.
Note
Don't get too excited just yet !! . . . the content of Yellen's speech is nothing new but was certainly a black coffee moment to awaken those unconscious souls back to consciousness and remind them that interest rates are on the way up. No worries or mention of USD strength being a draw back was a green light to BUYERS. PRICE is now at the 60m 200SMA and holding for the moment. That just leaves Mr Trump and what his so called "protectionist" policies might actually be when he outlines them after his inauguration. Looking forward to watching this one play out . . . I still have my eyes on below and only a valid break of the top channel line will turn this back into a BULL run.
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