USDJPY is flashing a potential signal for a bottom here, after pulling back for 5 weeks give or take. Previous retracements have shown a similar retracement in time, and it is a good signal to get a weekly downtrend, when the monthly trend is up, so, entering long on new highs here is a very low risk opportunity to rejoin the advance.
Good luck,
Ivan Labrie.
Komen
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Buy was never filled. The previous daily bar implies we wait for a bit longer, until downside momentum recedes, and then we can buy on strength.
Hola amigo! EW count also implies soonest reversal...I guess another small wave down is underway sub 114 before attempt higher.
IvanLabrie
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@aibek, indeed! I'm waiting for momentum to slow down before trying to go long, but the only way it is safe to do it, is breaking a previous day high after bottoming in shorter term timeframes.
aibek
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@IvanLabrie, agree with you my friend! Have a great week ahead!
@IvanLabrie, Hello my friend! The price surpassed the previous day's high finally! Best of luck amigo!
IvanLabrie
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@aibek, yes, I'm not sure 100% though. I like the euro long as a hedge here...maybe EURJPY. The record shorts in treasuries are a contrarian signal, and there are other variables in play. Hopefully it'll be clear after Friday.
Good luck!