Short

USDJPY Wedge and Channel

Updated

When looking on the left, it looks like the channel might break soon. Because the last bump up (green circle), failed to move above the previous high and already testing the channel again. This increases the chances for a downwards break. On the right we can see a bullish wedge, indicating it will move up short term. Usually, if the direction is down, we should see this wedge fall short of the target. So moving like the blue line, staying below the 111.7ish. If the wedge fails and breaks down, we should see an acceleration down.

Note

Made a small false move with breaking below the wedge, than broke upwards from the wedge, fell short as expected, what i can say, just perfect! :)

Now we should see more bearish movement coming week or so, but greed is never good and could easily make a retest of the 111/111.3.

botje11

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