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U.S. Dollar / Japanese Yen

USDJPY looking to short: UJ topping after nice run up?

By EuroMotif
Mod
Updated
UJ has been climbing relentlessly, but I think it is coming due for a pullback soon.

I have three resistance zones identified in red, that I will be watching as approached.
Note
Hmm, could this be the start?
There several fibs just below that will act as support.
Lets see if they hold or not snapshot
Note
Still being supported by a fib cluster of 4 lines snapshot

each of those lines are from different fibs defined over different time frames snapshot
Note
As expected, these fibs holding things up.
But it looks like they might have captured the price, and after a few more bounces it may be ready to leave them. (I am hoping to the downside) snapshot
Note
there we go, fell through the fibs.
Closed 50% of position to cover costs and spread.
Trailing stop on remaining position. snapshot
Note
Back up to test the fib zones snapshot
Note
Quite a bit of volatility with FOMC rate decision and Trump presser.
snapshot But despite the fomc spike (they did nothing unexpected so was erased), price looks to have rejected from fib cluster that was previous resistance, or at least ''Captive''. Waiting for London Open to make next guess.
.
Elliott WaveFibonacciSupport and Resistance
EuroMotif
Mod
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