USDJPY retrace watch: UJ drop have one more leg?

8 oct. 2018

This is an update to my previous idea looking for UJ to retrace.
This is a short term outlook, but the results could have significant long term outlook.

I think the ABC is not quite done yet, wave C has only 3 waves down, and now a wave 4 up.
So lets see where the final leg (w5) of wave C ends up. That will be very telling of risk sentiment.

Background:
This adventure started with a search for the 'top'

(i know, trading an expcted top is dangerous)

Once the retrace started, I had some fined tuned targets

From that last Idea, the price breached the upper two support zones.

So now I am thinking we have one more leg to go, and then we will know much more about the real risk sentiment

9 oct. 2018

Note

still think UJ has one more leg down to go, but am starting to wonder crossing above the red zone took some serious energy

10 oct. 2018

Note

Well here we are, at that I think is the Bulls 'Last Stand'

Zoomed in on 5 min chat, we see an exact bounce off the top of zone.

Now I am waiting to see if it breaks thru the zone above and retraces, for an entry long

10 oct. 2018

Note

UJ looks like 112.168 next stop (pit stop?)
s3.amazonaws.com/tradingview/snapshots/m/mUdj8cVx.png

10 oct. 2018

Note

UJ 111.50 range looks likely Monthly S1 pivot is there, and the 4.236 extension of today's move along with other fib resonances nearby.