USDJPY – Waiting signals of a long-term uptrend
The price is bounded within the (almost) symmetrical orange triangle. Break of this triangle approaches.
The blue descending channel points downside. And on the Fibo retracement scale, price looks like consolidating between Fibo 23.6 and Fibo 50.0.
Don’t know why but I feel as if a sharp uptrend will follow shortly after breakout. Of course technically this cannot be confirmed now, downtrend seems more probable.
Still I plan to keep my long position opened at ~110.00, and wait for the breakout of blue and orange resistance lines. If price reaches 116.00, new long positions to be added at the first dip point.
Targets: December.2015 high of 118.00 and June.2015 high of 125.00.
Hope it breaks upwards...
The blue descending channel points downside. And on the Fibo retracement scale, price looks like consolidating between Fibo 23.6 and Fibo 50.0.
Don’t know why but I feel as if a sharp uptrend will follow shortly after breakout. Of course technically this cannot be confirmed now, downtrend seems more probable.
Still I plan to keep my long position opened at ~110.00, and wait for the breakout of blue and orange resistance lines. If price reaches 116.00, new long positions to be added at the first dip point.
Targets: December.2015 high of 118.00 and June.2015 high of 125.00.
Hope it breaks upwards...