Short

USDJPY Possible Top

Updated

USDJPY failed short term pennant (1hr)breakout targets and is also highly overbought weekly.
Possible top at play. Elliott wave pattern seems corrective. Big, but corrective.
I would wait for further confirmation such as another red weekly candle.

Note

This looks right.

Note

I still suspect its a corrective pattern. 144.42 is my target

Note

This is still looking really strong. This idea is likely invalid. I would recommend
to not short this.

Note

The JPY basket at the weekly level is exhibiting descending price action. This is often followed by a reversal. This would suggest the JPY might about to reverse its huge and long bearish trend

Note

Another good call, a bit early this time but correct.

Note

I called 144.42 (conservatively on purpose) we got 145.73. Not bad, not bad at all. How many got even close to this?

Sinex

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.