Cup and handle. Bullish par setup. Potential Target of 0.8 Strong Support - 0.75
Target 109.50, 1.618 Extension of the last AB. I believe this is the 5-th leg of the wavecount + a potential AB=CD pattern forming.
The price breaked the sideways channel. I see a big impulse 0-1 leg retesting the old resistance from 82.000 with a extension of 61.8% of 0-1 leg. The price may retest 83.50 following making a new high. In order to see a bullish 2-3 leg, the price will have to break the upper red descending line.
Bullish Gartley Pattern Rules, If any rule is violated, the pattern is invalid. The same rules can be used for a bearish gartley pattern.
Bearish Gartley Pattern Rules, If any rule is violated, the pattern is invalid. The same rules can be used for a bullish gartley pattern.
The first 2 criterias of the Cypher Pattern were correct, we are waiting for the price to rally to D and there will be a valid Cypher Pattern. The price will most likely going to retreat to the .38% of CD leg (0.7370).
- a bearish trend channel - a strong support and psychology support at the value of 1.000. - descending triangle showing up. In case the descending triangle is broken, there is another descending triangle with a support of 1.000. - main trend is bearish A potential target is 1.000, followed by a strong support at 0.990.
At a short time(1h), I see a potential bullish flag and a potential Bearish H&S Pattern. Scenario 1: If the upperline is braked & the 50% fibbonaci support, a potential bullish usdjpy to 118.00 Scenario 2: If the lowerline is braked, most likely a bearish usdjpy with a target 1 of 113.50 and a target 2 of 112.00
Bullish Scenario If USD is weak after the trump inauguration and speech, We might see a target of 1.0800. If it's closes over 1.0800 we might see a change of trend, a bullish eurusd. Bearish Scenario If USD is strong and it brakes the potential "bulish" trendline, we might see a pottential target of 1.01-1.03 target. I also found a potential descending...
Strong Support + fibbonaci level 50% The price is inside the bearish channel, I believe this was the 3-4 Wave leg within an ABC correction.