The fact that UJ retraced so high the first time suggests a flat pattern not a zig zag. If it was to continue down I would be looking at a 7 swing double 3 pattern but it just doesn't have that look to me. If this is wave 2, a flat pattern would be more probable than a triangle. It retraced 62% before wicking and moving up. My point.... Possibly huge buy that would equal 1st leg of move up from the 107.700 level. However, I don't like the way the 4hr TDI looks and it is a yen pair. I think for sure we get more up (big picture) but I am aware of that 618 level below on the weeekly and the fact it only hit 50%, but that is enough. The entry on this trade should have been by limit order at the 618 on this 4hr chart. I apologize for not posting that. More risk now. But I would suggest watching for possible buy entries
Note
and that is why I try to stay away from yen pairs. At this point, probability wise UJ sucks, as it usually does. Can it still go up?.. Yes. But can it continue down?.. yes. I still see the upside but the possibility of a 7 swing correction is now more possible and I no longer like UJ. To be honest, the best trades of the week in my opinion (as far as pattern and probability coinciding with price action) were eurgbp and audnzd sells, the 2 pairs that usually aren't very volatile. Tonight (london) through tomorrow morning, and friday morning are the time for entries this week.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.