Potential trade setup for $USDJPY .
We had a big blow out last couple of weeks. The evidence is more and more that Stock market might be entering a bear market. Which will make $USDJPY go lower.
The risk is BOJ intervention. Looking at the technical, this is what I see. We broke through a Major level Head and Shoulder pattern around 116 . Now I am expecting to retest this level again before falling to 110.
Next week I am expecting we see a surge in $USDJPY run upto 116.30/40 level which co-incides with 50% fib level for recent fall. That's the level I will sell at.
Remember, if this plays out.. then we are expecting $GER30 to go up too. I am also looking to sell $ger30 around 9745(if it gets there). And $EURUSD should go down a bit before shooting up probably breaking 115 resistance upto 117/118 level.
This is just my thought and analysis only, don't take this as trading advise, Please take care trading out there.
We had a big blow out last couple of weeks. The evidence is more and more that Stock market might be entering a bear market. Which will make $USDJPY go lower.
The risk is BOJ intervention. Looking at the technical, this is what I see. We broke through a Major level Head and Shoulder pattern around 116 . Now I am expecting to retest this level again before falling to 110.
Next week I am expecting we see a surge in $USDJPY run upto 116.30/40 level which co-incides with 50% fib level for recent fall. That's the level I will sell at.
Remember, if this plays out.. then we are expecting $GER30 to go up too. I am also looking to sell $ger30 around 9745(if it gets there). And $EURUSD should go down a bit before shooting up probably breaking 115 resistance upto 117/118 level.
This is just my thought and analysis only, don't take this as trading advise, Please take care trading out there.