After we got almost 400 pips with eur/usd, now we got another chance to enter market with usd/jpy.
On this pair (usd/jpy) we got an obvious major downtrend and price is still below it. So according to my elliot wave study, this pair is now in forming of wave 4 and soon will be running for wave 5.
If we pay close attention to the last candle, there is a lot of convergence of resistances which describe as below;
1. There is lots of old lows at around 105.85
2. There is also a R1 monthly pivot point around that level
3. There is overbought situation on the daily stoch
4. We also got 78.6 fibo retracement from the high 108.60 to low 95.73 at
the very exact place 105.85
With lots of resistances converge there, the possibility of reversal of the price is very very high.
Happy Trading ....
My Trade Setups
Linear Mode
