10 December 2012

USD/JPY : Potential BIG SHS Bottom

  • Monthly : Whilst not entirely obvious, I can just about make out a SHS bottom forming here. Parameters are : Bottom 75.30, Oct11 NL 84.80, Dec12 NL 83.00, Measured Objective around 92.50.
  • Weekly : Watching for the break of the overhead resistance line just above 83.00 (= monthly SHS NL).
  • Daily : Looks overbought so might have to wait a while market consolidates recent sharp gains.
  • Trade : Just sitting on core long. Not time to increase unless 83.00 breaks on weekly closing basis. If this works, it will be a multi-month trade, so don't jump the gun. Be patient. 
  • Usually the nice and neat patterns are the ones that fail. The messy ones have a better chance of working.

1 comment:

http://golearnforextrading.com said...

Triple tops formed for USDJPY. This is a strong reversal pattern.