Along with the long pattern on CHF/JPY, we have another bullish setup on the USD/JPY. I am currently looking at a bullish shark that has just touched the entry zone (between 0.886 and 1.3). That said, I will not look to enter until price drops lower to the lower entry level.
This evening, the Japanese Trade Balance came in at 45 Billion below consensus. Now I am awaiting the consensus for next week's CPI rate (previously 0.7). A negative consensus following the recent trade balance release will all but ensure a profitable trade on either this pair and/or the CHF/JPY long.
The completing of these 2 patterns at the same time also bring harmonic confluence to each pair. Across the board the JPY is sitting at support and/or showing as extremely oversold. I am expecting yen sentiment to turn bearish in the coming week.
Shark ratios:
A:C = 1.13:1.618
B:D = 1.618:2.618
X:D = 0.886:1.13
This evening, the Japanese Trade Balance came in at 45 Billion below consensus. Now I am awaiting the consensus for next week's CPI rate (previously 0.7). A negative consensus following the recent trade balance release will all but ensure a profitable trade on either this pair and/or the CHF/JPY long.
The completing of these 2 patterns at the same time also bring harmonic confluence to each pair. Across the board the JPY is sitting at support and/or showing as extremely oversold. I am expecting yen sentiment to turn bearish in the coming week.
Shark ratios:
A:C = 1.13:1.618
B:D = 1.618:2.618
X:D = 0.886:1.13
