USDJPY in mid retrace up from last week's big ABCD down
Already had a triangle breakout up, complete with two H1 legs. Subsequently price has found good support above 110.40, sooo I'm thinking further extension up to probe Friday's range (below the low from two weeks ago). My H1 ABCD conveniently targets between last week's open/low 110.88-111.00. 100% target is 110.979 if you want to be needlessly specific. 50% target is 110.697, which has confluence with last week's HL/2 median and a prior broken D1 SR level. I favor the 50% scenario and selloff from there.
Overall D1 chart is in downtrend though, in a weekly triangle with the next swing targeting rising trendline currently at 108.24, or if that fails, then January flash crash low which shows on this chart at 104.65. Not sure where consensus low is for the flash crash, b/c different brokers vary in a 200-pip range. I'm going with 105 as a rough rule of thumb for now; apologies to anyone knowledgeable, if my ignorance horrifies you.
So again, short term up, bigger picture probably down. On M1/M5 I'll be buying until there's no more buying, then I'll watch the above levels for increasing sell signs.
Overall D1 chart is in downtrend though, in a weekly triangle with the next swing targeting rising trendline currently at 108.24, or if that fails, then January flash crash low which shows on this chart at 104.65. Not sure where consensus low is for the flash crash, b/c different brokers vary in a 200-pip range. I'm going with 105 as a rough rule of thumb for now; apologies to anyone knowledgeable, if my ignorance horrifies you.
So again, short term up, bigger picture probably down. On M1/M5 I'll be buying until there's no more buying, then I'll watch the above levels for increasing sell signs.
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