USD/JPY - NEUTRAL
Hey guys, just a bigger breakdown on this pair you can see from my previous posts I took profit on this with the nice head and shoulders pattern completed on the lower timeframes however...this pair seems to be a bit untradeable at the moment as it is stuck in this nice range you can see if you zip down to the daily chart ive highlight the range with a white box on this chart.
Until that range breaks there is no possible trade in my opinion and ill most likely trade the range break by itself which ever way it may go
Bullish Idea
You can see we have an Inner and Outer Trendline break, for this pair to remain bullish it would have to take out the July highs of 2007 at 124.000 if it does id expect price to go and reach the target of around 134.000
Bearish Idea
Im probably more leaning towards a bearish idea if im honest we appear to be struggling at the 61.8 fib level of the whole move and still haven't put in a higher high, a break of 116.000 and I believe that will be the downtrend confirmed again with first target of the big move being 102.000
Obviously I most likely wouldn't be holding trades until these bigger targets but that's just to give you an idea of where ill be looking for price to go towards ill be looking at the lower timeframes for some good risk:reward trades around those key areas I mentioned
Until that range breaks there is no possible trade in my opinion and ill most likely trade the range break by itself which ever way it may go
Bullish Idea
You can see we have an Inner and Outer Trendline break, for this pair to remain bullish it would have to take out the July highs of 2007 at 124.000 if it does id expect price to go and reach the target of around 134.000
Bearish Idea
Im probably more leaning towards a bearish idea if im honest we appear to be struggling at the 61.8 fib level of the whole move and still haven't put in a higher high, a break of 116.000 and I believe that will be the downtrend confirmed again with first target of the big move being 102.000
Obviously I most likely wouldn't be holding trades until these bigger targets but that's just to give you an idea of where ill be looking for price to go towards ill be looking at the lower timeframes for some good risk:reward trades around those key areas I mentioned
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.