Near-term USDJPY AB=CD pattern & possible Butterfly pattern
LONG this pair in the near-term.
Completion of the "C"point at current price levels sets up a nice AB=CD pattern 1:1 move as measured from the "AB" leg. Projecting the ending of the "CD" leg has it ending in a very nice tight PRZ between 123.240 (1:1 ending of the AB=CD pattern) to 124 (1.618 fib extension of the "AB" leg AND the MAJOR MONTHLY S/R level of 124.130 established back on June 1, 2007)
Completion of this AB=CD pattern will also setup a very nice Butterfly pattern with the "D" point also within the PRZ. If this pattern completes, there will be a very nice SHORT opportunity waiting there!
Completion of the "C"point at current price levels sets up a nice AB=CD pattern 1:1 move as measured from the "AB" leg. Projecting the ending of the "CD" leg has it ending in a very nice tight PRZ between 123.240 (1:1 ending of the AB=CD pattern) to 124 (1.618 fib extension of the "AB" leg AND the MAJOR MONTHLY S/R level of 124.130 established back on June 1, 2007)
Completion of this AB=CD pattern will also setup a very nice Butterfly pattern with the "D" point also within the PRZ. If this pattern completes, there will be a very nice SHORT opportunity waiting there!
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