USDJPY Between 200MAs and a broken channel April 17-21

just had a breakdown not only breaking the weekly 200MA but also the lower support channel but nothing goes in one direction in the markets so I expect a pullback before another move downwards.

The price is currently between the daily and weekly 200MA so I expect sideways action with a slight bullish bias in the short term. It will be

Daily Fibonacci:

bounced right at the 50% mark at 108.11 so bulls should have a relief bounce for a few days.

4H Timeframe view:

Unless news or events comes that will cause the risk off to end or strengthen the dollar I expect consolidation between the daily 200MA support and the broken lower channel that should act as resistance. Its also possible that there might be a spike upwards till the weekly 200MA but I dont expect it to break as there should be a lot of overhead resistance on that area.

I still expect in the long term especially with its correlations have broken their respective supports reinforcing the trend.

Nikkei Daily:

US 10-Year Daily:

Entry: 109.4-110
Stop: 110.6
Profit: 101-103

Any feedbacks are appreciated!

Note

Upon reading it again there was a lot of typos LOL

Note

Even though this occurred on a low volume friday holiday, the price just went below the daily 200MA.

If bulls fails to go back above it next week then its deep diving from here in my opinion/

Note

That didn't take long. Looks like the dive till 103 is open.

Going to sell more shorts at rallies

Note

Looks like instead of breaking the daily 200ma its consolidating on it.

It might go sideways for a few days but I wont be surprised if it suddenly breaks that moving average

Note

Didn't expect Mnuchin to flip the markets back to risk on

cnbc.com/2017/04/20/treasurys-mnuchin-were-pretty-close-to-bringing-forward-major-tax-reform.html

Its possible that it might retest 110 again

SimpleMillennialAverage

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