USDJPY Fibonacci Support Resistance Zones: UJ as of Jun 17
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I found a way to make the zones go back to origin point.
So some of the recently created zones will only go back a few hours.
The longer (time period) that a zone is, the larger time frame that Fib covered
As well, I have left a couple of the recent Fib extensions used as examples.
My complete chart has so many lines one can hardly see the price.
So for actual trading, I use this simplified chart as the guide for support/resistance .
I will update as new zones are defined by upcoming Fibs.
So some of the recently created zones will only go back a few hours.
The longer (time period) that a zone is, the larger time frame that Fib covered
As well, I have left a couple of the recent Fib extensions used as examples.
My complete chart has so many lines one can hardly see the price.
So for actual trading, I use this simplified chart as the guide for support/resistance .
I will update as new zones are defined by upcoming Fibs.
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Quite a sudden drop.But seems to be in sync with the Fib Rhythm in place.
Current thoughts and target described on the chart pic here:
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Pause or Turn?As pointed out by mortdiggiddy below in comments, the Weekly Camarilla is clearly being noticed. But I am thinking the downward momentum and pull of the next Fib Zone might overcome it
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ruh roh. next will be the 4.618 to observe, with several energy bands below it.Nota
Moment of truth for UJI am thinking 5.618 at 109.444/448
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UJ has been building momentum through Asia. London can turn it on a dime of course, but it is approaching a very interesting area Nota
Wow, very cool.Close up in price action at the recent bounce.
There were several bands that overlapped.
Each band added some fuel, including the newly formed 5.0 exentsion
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Zoomed out a bit
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Nice Ping.Nota
]I dont know how the Yen does this.It will wander all over a zone, and then BANG.
It launches off a fib line, to the PIP.
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UJ teetering just below a triple band of fibs.Am considering two shorting opps.
But the weekly Central Pivot (green line) will be some support.
The first possibility is a safe scalp but with ok RR.
The second possibility might be more interesting if there is one more interaction with the zone above and then a clear rejection.
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Uj stuck between these two different fib measurements. Bouncing between two important liens. The outcome will be quite telling.
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wow, decisive break above zoneNota
Closeup of the price action tonight.Price definitely notices the existence of each and every band and line.
As if each band represents an echo of energy wave, with energy of its own.
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Snapshot of the price action since this Idea was posted:Most of the zones held, but I am making some minor adjustments which I will update here shortly, and then post a new chart with adjusted zones.
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I have fine tuned some of the zones based on recent movements.Will publish as a new chart soon, but wanted to note the expected changes.
In chart below, Green bands are NEW, Orange Bands will be Removed.
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