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Japanese Yen: Bullish Patterns I have been interested in going long the Japanese Yen futures contract since the completion of the large Bullish Cypher pattern (I first saw this idea by @TradingJazz on USDJPY, his original idea is linked below). I got picked up on a long at .8811 last night but took my small profit when it seemed it was heading back down after making a lower high. I am now looking to get back involved, and have identified two possible bullish patterns : Butterfly and Bat. The PRZ of the two patterns will likely complete at the trendline since the Yen's December low which is another additional confluence in addition to these two patterns and of course the very large Cypher. As this is a large PRZ I will be watching this zone closely prior to entering in hopes of entering entering as low as possible with the least amount of risk I can to try and enter the possible large move. If you have any comments or feedback on this idea, or your own view of the Yen, please feel free to share it!
JLong
by SharkbaitAl
USDJPY: Critical level testedUSDJPY has hit the previous monthly uptrend mode, and is currently stuck inside this zone. It would be a colossal feat, for Yen bulls to drive the pair under this key level, so I will watch it with keen eyes during this week. I'll update the post with intraday and daily/weekly charts as needed. It would give us clues about the future of the S&P500 and Nikkei, if we see the smart money players start to accumulate long positions again. After Monday's close, I'll add a 'Brexit key level' to the chart in an update, and will monitor price action closely from here onwards. I labeled a monthly downtrend signal, as per the 'time at mode' method, comprised of 7 months worth, and a price target that was exceeded already. There are 2 bars left for this decline to potentially end, and send USDJPY back up to the highs, unless yen bulls are strong enough to push the pair below support. Keep your eyes wide open, this is a really significant level, and from here we might get a terrific trading opportunity once the direction is clear, wether the downtrend ends or it continues further down to the 2011 lows. Check out my updated track record here: pastebin.com If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year. Cheers! Ivan Labrie Link to Tim West's chatroom: www.tradingview.com We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask. Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance0.57% on such information.
by IvanLabrie
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