USDJPY D1 wave and fib analysis

Updated

Inverse H&S in play?

Note

Not yet invalidated but movement off trendline/fib/resistance and accumulation of volume for many days suggests this may have been a corrective wave and is now poised for a sell-off. Besides this, DXY has broken strong support 97.69, supporting a bullish outlook but still needs to show that the support is strong enough to hold for further rallies.

Note

D1 showing inside bar off 2.382-2.618 Fib area, which has proven to be resistance-turned-support in January. Long term (weekly and monthly) this pair does still seem to be in a bullish trend.

Note

Falling back to test 2.382-2.618 area again. Watching closely to see movement from here and from 1.618

fvideira

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