USDJPY- Can it be a double top@111.18? (180 pips + last wave)

From 108.55 looks like 5 wave sequence is done & will it be a double top at 111.18. 5th wave has travelled 61.8% of 1-3 wave distance.

If the double top likely we will see UJ testing 109.80 from where the rally started.

180 pips from previous wave back to back

USDJPY- Importance of Support & Resistance-109.75

Trade active

20:33 Hrs 21st Nov2016

Last Price@110.94

Recent High@111.06 - at this price it retraces 80% of the fall from 111.18 to 110.46 -likely this is maximum retrace which looks good if UJ wants to travel downside in coming session.

Stops above are 111.20 going beyond assumed double top - but we saw aggressive fall from 111.19 to 110.46

Trade active

22:59 Hrs 21st Nov2016

Last Price@110.98

UJ stretched to its maximum@111.13 in the current U.S. Session- close to prior highs at 111.18

Ressistance is 111.20 (Strict)

Price structure from lows@110.46 to 111.13 looks all choppy & going below 110.50-110.60 zone will be better for further downside with strict stops above 111.20
If UJ goes below 110.50-110.60 zone then it could travel beyond or more than 161.8% distance as well because of maximum retracement -almost 90%.
First we need UJ to fall below the 110.50-110.60 to continue further down.

WaveTalks

Best Regards,
Abhishek H. Singh
Growth Director - TradingView India

YouTube Channel youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw

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WaveTalks

Best Regards,
Abhishek H. Singh
Growth Director - TradingView India

YouTube Channel youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw

Twitter Handle
twitter.com/TalksWave

Telegram Handle
(Deleted)

Also on: