Bullish outlook for USD/JPY. As price is being squeezed into
the wedge formed by the Bat's A to C upper trend line and
the Max Butterfly's X to C lower trend line, a breakout is soon
to occur.
I firmly believe that price will be bullish throughout next year,
especially with the difference in interest rate between the
two currencies.
Leg C of the bearish Cypher pattern marks the definitive make or
break point for a bullish trend continuation for the near
future. A drop below would not necessarily mean a bearish
trend, but it would delay a bullish rally.
Also keep in mind that until the US congress has come to an
agreement on the pending tax reform, this market will
continue to be quite volatile with a lot of noise, too. Therefore, wait until price
closes and holds above at least 112.36 before going long.
The two long entry columns are merely projections at this
stage and are most definitely subject to change, however, should price
close and hold above 107.32, or close and hold above 112.36, then
either column would be ideal for longs.
Happy trading
the wedge formed by the Bat's A to C upper trend line and
the Max Butterfly's X to C lower trend line, a breakout is soon
to occur.
I firmly believe that price will be bullish throughout next year,
especially with the difference in interest rate between the
two currencies.
Leg C of the bearish Cypher pattern marks the definitive make or
break point for a bullish trend continuation for the near
future. A drop below would not necessarily mean a bearish
trend, but it would delay a bullish rally.
Also keep in mind that until the US congress has come to an
agreement on the pending tax reform, this market will
continue to be quite volatile with a lot of noise, too. Therefore, wait until price
closes and holds above at least 112.36 before going long.
The two long entry columns are merely projections at this
stage and are most definitely subject to change, however, should price
close and hold above 107.32, or close and hold above 112.36, then
either column would be ideal for longs.
Happy trading