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USD/JPY SHORTThe USD/JPY currency pair is forming a symmetrical/isometric triangle on the weekly chart, and moving down to the daily, we can see that price has made a major push to the downside already, and and is consolidating and forming a smaller symmetrical triangle too, as i believe it is getting ready to continue with its bearish momentum before it gets to the support zone formed by the weekly symmetrical triangle pattern. My forecast would be to sell upon the breakout of the triangle pattern on the daily timeframe, which will be quite explosive considering how the price is constricting, probably due to a reduction in the volume of orders.
Short
by munyaelliott
1
USDJPY Similar pattern to a year agoIf you look at the USDJPY pattern from last year (there was a rate hike on Dec 13, 2017), a top and then three increasingly lower tops before a strong pullback, it looks very much like this year, 49 weeks later. Supporting this is a mirror fractal (shown in yellow) from the last recovery. If the pattern continues, we could see 105-106 in March 2019. The pattern also fits my CAC40 fractal idea earlier. The CIBC analysis reported on FXStreet.com supports this view, as do earlier forecasts by ExchangeRates.org.uk , and JPMorgan who predict a bottom at 104 in March 2019 and then a recovery. The trade is to take advantage of the bounce from the 200-day SMA we hit on Dec 20, and short 111.50 for 105, with a 100 pip stop, which is 6.5:1
Short
by adatherton