Downtrending on the maximum timeframe. Looking clearly here at pattern repeatability whereby we have several instances of head and shoulder patterns followed by a sharp dollar crash against the Yen and I personally feel CVD19 offers an apt platform for this to re-occur and price to plummet down to the 90 level. This is clearly the direction the market wants to go in but wouldn’t be too surprised to see a few dollar rallies in the short term. Also see the wedge/descending triangle in more recent times whereby a clear breakout could catapult this move into its desired direction.
Possibility of double/triple bottom of daily timeframe but have ruled this possibility out due to presence of much longer term downward bias, I expect once this bottom is broken that price will fall off a cliff. Obviously if rallies extend past 112-115 area then we have a clear break and will have to reconsider options.
Possibility of double/triple bottom of daily timeframe but have ruled this possibility out due to presence of much longer term downward bias, I expect once this bottom is broken that price will fall off a cliff. Obviously if rallies extend past 112-115 area then we have a clear break and will have to reconsider options.