USDJPY | WEEKLY PERSPECTIVE
It was all Bears for the US Dollar especially during the latter part of last week as it continues to lose value against multiple currencies and the Yen was not left out in the gains! Breakdown of my Key level @ 107.300 last week evolved into a structure similar to AB = CD pattern with an expectation of correcting into 107.300 in anticipation of a down rally in the following week(s) seems feasible.
Tendency: Downtrend ( Bearish )
Structure: Breakout | Harmonic (AB = CD)| Support & Resistance
Observation: i. The fall of the USD since the beginning of last month (June 2020) appears to continue as it Breaks down my Key level once again.
ii. ABCD pattern
a. Impulse A-to-B in harmony with the potential B-to-C leg.
b. The B- to-C leg is at 61.8% Fibonacci retracement of the A-to-B leg.
c. The C-to-D leg falls at 1.414% Fib. ext. of the A-to-B move.
iii. Expecting a possible correction into my Key level zone before downtrend continuation in the following week(s).
Trading plan: SELL confirmation with a minimum potential profit of 250 pips.
Risk/Reward: 1:3
Potential Duration: 2 to 8 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
NirvanaForex
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Tendency: Downtrend ( Bearish )
Structure: Breakout | Harmonic (AB = CD)| Support & Resistance
Observation: i. The fall of the USD since the beginning of last month (June 2020) appears to continue as it Breaks down my Key level once again.
ii. ABCD pattern
a. Impulse A-to-B in harmony with the potential B-to-C leg.
b. The B- to-C leg is at 61.8% Fibonacci retracement of the A-to-B leg.
c. The C-to-D leg falls at 1.414% Fib. ext. of the A-to-B move.
iii. Expecting a possible correction into my Key level zone before downtrend continuation in the following week(s).
Trading plan: SELL confirmation with a minimum potential profit of 250 pips.
Risk/Reward: 1:3
Potential Duration: 2 to 8 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
NirvanaForex
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously
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