Hello All,
I have been very sceptical over the holiday about going long on USD/JPY.
Telling myself over and over that price has topped and will fall from now.
Until... I looked at previous price action and noticed this identical movement in price from Oct 14 - Jan 15 where price made the same 1700+ pip move in a short amount of time, followed by a similar 6-8 day pennant (which we are in currently 27/12/16 awaiting break).
27/12/16 we tested the resistance of the 4H pennant and broke momentarily after US consumer confidence date was released. Currently price looks to break and close above resistance with what I hope will be the same long movement to the 122.000 level before retracing to 115.5.
Open to discussion.....
I have been very sceptical over the holiday about going long on USD/JPY.
Telling myself over and over that price has topped and will fall from now.
Until... I looked at previous price action and noticed this identical movement in price from Oct 14 - Jan 15 where price made the same 1700+ pip move in a short amount of time, followed by a similar 6-8 day pennant (which we are in currently 27/12/16 awaiting break).
27/12/16 we tested the resistance of the 4H pennant and broke momentarily after US consumer confidence date was released. Currently price looks to break and close above resistance with what I hope will be the same long movement to the 122.000 level before retracing to 115.5.
Open to discussion.....
