This is going to be a quick idea.
You can see that there is a nice triangle forming, where one of the sides is going to be tested.
Now, in the very short-run (maybe on 2017.11.08), I believe that we will see some more SELLing, as the weaker Ausie kicks in. It seems that the money is moving out of the Aussie, at the moment.
Gold's weakness is not helping, together with the stronger Tuesday's moves in the Yen. We have seen that USDJPY wanted to head higher towards the 114.400 level, but slightly sold off at the end of the day on Tuesday. It seems that, at least for this weak, the pairs that have the Yen in second position will have some problems hitting higher levels, unless some major news will destabilize its current habitat. All this is not working for this pair as well.
I am looking for a move lower to test the bottom of the triangle and if we're lucky, get a break for a move lower towards the 86 level.
But, if we suddenly start seeing reversal signals, then the interesting level would be 88.
As always, keep an eye on the price action!
You can see that there is a nice triangle forming, where one of the sides is going to be tested.
Now, in the very short-run (maybe on 2017.11.08), I believe that we will see some more SELLing, as the weaker Ausie kicks in. It seems that the money is moving out of the Aussie, at the moment.
Gold's weakness is not helping, together with the stronger Tuesday's moves in the Yen. We have seen that USDJPY wanted to head higher towards the 114.400 level, but slightly sold off at the end of the day on Tuesday. It seems that, at least for this weak, the pairs that have the Yen in second position will have some problems hitting higher levels, unless some major news will destabilize its current habitat. All this is not working for this pair as well.
I am looking for a move lower to test the bottom of the triangle and if we're lucky, get a break for a move lower towards the 86 level.
But, if we suddenly start seeing reversal signals, then the interesting level would be 88.
As always, keep an eye on the price action!