USD/JPY Projected Bearish Bat Pattern & Bullish AB=CD Pattern
USD/JPY Projected Bearish Bat and Bullish AB=CD
continuation pattern.
With the recent rally of the USD, bullish pressure may still
hold more in store. Absolutely crucial for bullish pressure to
resume is the highlighted projected support zone between
107.975 (38.2% of AB) and 107.318 (low of Sept. 2017).
If price does indeed finds support at those levels, the next
target would be previous resistance at the 113.500/600
levels (88.6% of XA).
From 113.500/600 a re-test of the 110.00 level would be
next, again if price finds support at those levels it could
rally further and possibly past the previous strong
resistance levels at 114.500.
Keep an eye on the USD index, it is imperative that it
remains above 91.00 for bullish pressure to remain intact
for USD/JPY. In the next post I will show the USD index
and USD/JPY correlating S&R levels.
I have not included any trade ideas since this pattern is
still in the process of being formed.
Happy trading
continuation pattern.
With the recent rally of the USD, bullish pressure may still
hold more in store. Absolutely crucial for bullish pressure to
resume is the highlighted projected support zone between
107.975 (38.2% of AB) and 107.318 (low of Sept. 2017).
If price does indeed finds support at those levels, the next
target would be previous resistance at the 113.500/600
levels (88.6% of XA).
From 113.500/600 a re-test of the 110.00 level would be
next, again if price finds support at those levels it could
rally further and possibly past the previous strong
resistance levels at 114.500.
Keep an eye on the USD index, it is imperative that it
remains above 91.00 for bullish pressure to remain intact
for USD/JPY. In the next post I will show the USD index
and USD/JPY correlating S&R levels.
I have not included any trade ideas since this pattern is
still in the process of being formed.
Happy trading