Althought there's a resistance zone at 115.4, today's big bullish candle shows that the reisitance might not be very important, risk/reward ratio : 1
As I progress thru learning EW principle I like to revisit ideas and add some additional commentary on what MAYbe happening! Happy new year! Thanks for the continued support! :D
USDJPY : Long positions - Ratio ( 1:1.82 ) BUY : 104.60 STOP : 103.50 AIM 1 : 105.80 AIM 2 : 106.60
Hi guys, I have a short on the analysis for USDJPY and also a possible high push towards a higher zone. Currently, you can see I have that "Validation Zone" with an arrow down / the gray color like area. Make sure to use various confirmations like last kiss trades or just where it pivots bellow trend line, that is why I used the monthly, daily and weekly trend...
Seen these coil spring set ups before and like a compressed coil spring they tend to violently break out. You can aggressively set orders/stops to catch the breakout should it occur. Looking on the daily you can easily argue it's a wedge pattern and so with the trend would break to the upside.