USDJPY BEAR SWING
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Here we see USDJPY in its final push upwards. As we can see by the chart 138.00 is a very significant level for TWO reasons
1. It is a major FIBO level that is retesting the overall DOWNTREND that we are on from a WEEKLY perspective, this has been a necessary retracement to the massive downward trend that we had begun late last year.
2. It is the 1.6 FIBO EXTENSION of our current Daily/H4 uptrend and at this level usually overbought/sold conditions exist
Using this framework we can create a nice entry for our resulting swing downwards. This trade highly depends on the NFP data next week to come in not as HOT as last month
1. It is a major FIBO level that is retesting the overall DOWNTREND that we are on from a WEEKLY perspective, this has been a necessary retracement to the massive downward trend that we had begun late last year.
2. It is the 1.6 FIBO EXTENSION of our current Daily/H4 uptrend and at this level usually overbought/sold conditions exist
Using this framework we can create a nice entry for our resulting swing downwards. This trade highly depends on the NFP data next week to come in not as HOT as last month
Nota
NFP will be key next week for trend confirmationNota
Hit the Play button...Now start following my analysis if you like money
Nota
Updating because i want this IDEA at the topNota
TP1 HITUSDJPY MELTING AS SUGGESTED
LOOK FOR CPI TO PROVIDE RESISTANCE STRUCTURE FOR REENTRY TO BEAR SWINGS
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