The USD/JPY is now bearish due to the dark cloud of us tax reform and the delay of the news. I now wait for an opportunity of long USD/JPY from 111.80-112. Why ? Because of the two harmonic patterns : bullish crab and bullish bat. Bullish bats' X is near 111.60 , A is 114.73. So using the XA,help us to locate B point: it's 50 retracement of XA. Bat pattern's D point is determined by 88.6% retracement of XA, in the neighborhood of 112 . At the same time, this is the range of 2.24-2.618 times of BC. Bullish deep crab's X is 113, A point is the same in 114.73. Deep crab is a deep crab because point B is 88.6% retracement of XA , the final inversion point D is 1.618 times that of XA which is 111.80. So here there are two bullish pattern in 111.80-112 This region, which is also a support area, is the last line of defence for the medium-term bulls
Buy from 111.80-112 , target at 113, stop loss 111.60, The trading will be active if the price is reached
トレード稼働中
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トレード稼働中
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come on! go go go
トレード終了: ストップロスに到達
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oops. Mr.market hate me. the pattern is broken. But don't call into question about harmonic. It still has the possibity to fail. But we limit the rsik
My opinion: USD/JPY didn't test the Daily Chart support zone of Sep 25 + Oct 16 (111.750). I am waiting for price to hit that. Entry around 111.750, Profit at 112.880, stop loss under at 111.400.
Maybe you should close the trade in profit at 112.600? and wait for another dip at 111.750 ish, to buy again?
Let me know what you think :) just my opinion
Also b/c GBP/JPY, AUD/JPY, CAD/JPY have downtrend so I think maybe JPY will get strong a little, before correction UP, and then long trend down.
BUT, it is also possible to touch 113.00, so goodluck!!
Also, the 4hour Chart downtrend line from November 14 , connecting to November 16 high, it touches 112.720, which is exactly where USD/JPY is stopping right now.
If it cross/break above 112.720 and close above it, I think yes USD/JPY will test the longer downtrend line (Nov 5 touching Nov 14 high) which will be tested around 113.150-113.180ish.
I am watching closely. Maybe we can short from here 112.650-112.720 for quick profit around 111.800? or if it touches 113.150, then short from 113.150 to 111.800.
Let me know what you think!!
yitiancai
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@skyisthelimit1, thanks for your reminder. I did hedge my position in 112.60. It help me a lot
@yitiancai, of course not ;-) And I got out about 112.4 so no problems. You are doing so many nice analysis - just keep up with the good work you are doing :-)
Maybe you should close the trade in profit at 112.600? and wait for another dip at 111.750 ish, to buy again?
Let me know what you think :) just my opinion
Also b/c GBP/JPY, AUD/JPY, CAD/JPY have downtrend so I think maybe JPY will get strong a little, before correction UP, and then long trend down.
BUT, it is also possible to touch 113.00, so goodluck!!