Looking at a possible move here for USDJPY, couple things to take into consideration for this move.
so we have dropped below a 'bullish formation' (falling wedge). taking a short is definitely a risky move due to the fact the optimal entry here is back within the formation so ideally looking for a takeout move back in before seeing a big drop back down signalling a big switch on momentum.
we could also see a nice break and bullish bounce off of the support level, which would give some lovely upside targeting support at the top of the formation.
I think price has showed its intention this morning with this volatile move down so chances could be we don't even get a test of my level, just a retest and continuation move down. this fib will change I am very early calling this swing low, price could easily move lower than where we are.
just wait and see I'll keep an update on what I done with this play later but its something to watch especially at the NY open!
so we have dropped below a 'bullish formation' (falling wedge). taking a short is definitely a risky move due to the fact the optimal entry here is back within the formation so ideally looking for a takeout move back in before seeing a big drop back down signalling a big switch on momentum.
we could also see a nice break and bullish bounce off of the support level, which would give some lovely upside targeting support at the top of the formation.
I think price has showed its intention this morning with this volatile move down so chances could be we don't even get a test of my level, just a retest and continuation move down. this fib will change I am very early calling this swing low, price could easily move lower than where we are.
just wait and see I'll keep an update on what I done with this play later but its something to watch especially at the NY open!
