USDJPY Broke structure to the downside...Hey all,
Been watching this USDJPY potential Bat pattern formation now for a week or so. Recently broke 3 levels of structure (green lines) to the downside indicating we will be pressing down to a Bat pattern completion! Probably looking for this to happen early next week but we shall see.
Good Risk Reward on this too if it happens - looking for target 1 and 2's.
Also planning to do some education material here on trading view to give you some insights into becoming profitable!
Fibsii Team
Ujsdjpy
USDJPYUSDJPY has formed a base just below monthly support around 100.052, recent price action would suggest that the pair is in early stages of reversal as a key trend line has also been broken. Price is currently testing monthly resistance at 106.131 a break of this level and we can potentially see this pair reach highs of 111.207 in the not too distance future.
UJ Stll bullish although it is in a retracementUJ is in a retracement from the last impulse, now between 23.6% and 38.2 of the last impulse, it can continue the retracement to 50-61.8% and then will continue to the impulse that will go higher than the last months, to lets wait for this setup to be completed. Fibo and Elliot so support this idea
Another option is to go directly to the actual Selling zone and break it too.
USD/JPY shortLooking at a further short on USD/JPY.
Price has failed to hold above 102 and is looking like the daily close will be below 102. Although today was a UK bank holiday I still feel it indicates USD weakness agains the yen.
We could see a push towards the descending trend line, however, I will look to short if we break below Fridays close of 101.759.
Stop at 103, first TP at 100.5, second TP at 100.