USDJPY: Key Level to Watch for Buy Setups

Looking at the upsloping median line, we may see that the slope of price is working extremely well respecting several times the parallels of the pitchfork. After a big rally, price found resistance at the median line where it reversed heading down. The level we should watch closer is the lower quartile of the fork, as we previously had price action around it, acting both as support and resistance.

Commentaire:

Although we still wait for the price to reach the quartile of the large pitchfork in order to watch for a buy, we now have a nice sell opportunity. Price reached and bounced from the upper parallel of the downsloping modified Schiff and most likely is going to make another down move toward the median line or even the sliding parallel at the same level where it will meet the quartile (strong support).