USDJPY 1ST AND SHORTTheory~
Dollar yen has ended 2018 with a Hail Marry to the down side, possibly signaling the momentum and direction for the 1st quarter of 2019.
1st play of the year, appears to be a deep pullback after hitting a major support and resistance zone. We could easily see price pullback and try to regain the 4000+ yardage lost in December, but with this pair remaining in a range for the last 5 years creating lower highs, would not be surprise to the see the big banks come in and drive price down, mean all the way down, as low as 100 handle.
Will be looking at the key areas below for entry opportunities on the Daily and 4hour. Specifically looking for double tops, triple tops or 1-3 wicking candles followed by a bearish directional candle:
1st level 108.90-108.62
2nd level 110.30
3rd level 111.70-111.40
30 period EMA = Daily- bearish, 4H- bearish,
Currency Heat Map USDJPY 1 month negative 3% from December 8 112.70 to now 108.51 = Bearish
Client Orders 62% traders are bullish and 38% are bearish = BIG BANKS Bearish
Overall as of Jan 7, 2018 11:35 Japan Time Bearish
