6J1! - Time To Get Very Long Yen

6j1! having a nice little bounce here at support to pop back above the 20 year low also a 1:0.618 long term fib extension just below.

This has already had the fear test plunge followed by rocketing automatic rally and now has pulled back to the 20 year low again.

May meander, may pump - who knows really but this is the big one mark my non financial advice words.

My pick for a FX pair is USDJPY because I think DXY has also hit a major top. Idea linked below.

Not advice.

코멘트:

Also its had 3 waves now - could be a flat correction. It sits right between the 0.5 and 0.618. It looks good to go.

코멘트:

USD is just too risky to short against and also considering my stock market bias is to the downside then I think that DXY may have another leg up. And so I am short CADJPY that seems quite a bit safer to hold long term.

코멘트:

More fear testing probing lower I think. Its now in the common reversal area of 0.618 - 0.786 and 4H RSI soon to go oversold.

This decline looks more corrective than previous.

코멘트:

Look like i was wrong as its moved passed retracement fibs in a hurry and was a running flat ABC dominant trend appears to be returning.

Next fib is 0.006.

Bail !

코멘트:

Very bearish upper wicked engulfing momentum candle on the monthly. It was good to exit. Next stop $0.006 for the 1:1 extension where i will be interested again if it gets there.