Risk [off] coming soon...
=> After completing the ABCDE triangle formation we widely expected with the flash crash we are almost ready to turn down once more. Markets have retraced almost 61.8% of the leg and here expecting 110 to cap any further upside.
=> This key resistance will attract selling interest and act as a barrier for any meaningful correction.
=> To the downside we can see support initially at 109.4 followed by 108.8... Anything further would unlock 107.9 very fast after the ladder was cleaned.
=> After the weak inflation data from Japan we may continue to chop around for the next week before resuming lower. Timing wise this will coincide with earnings season finishing and risk entering back into our theatres.
=> Best of luck to all those who are trading USDJPY..I know most are sidelined for now after the monster move we caught a few weeks ago (see attached ideas).
=> This key resistance will attract selling interest and act as a barrier for any meaningful correction.
=> To the downside we can see support initially at 109.4 followed by 108.8... Anything further would unlock 107.9 very fast after the ladder was cleaned.
=> After the weak inflation data from Japan we may continue to chop around for the next week before resuming lower. Timing wise this will coincide with earnings season finishing and risk entering back into our theatres.
=> Best of luck to all those who are trading USDJPY..I know most are sidelined for now after the monster move we caught a few weeks ago (see attached ideas).
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