Hi guys , I am looking to sell the rally of USDJPY after this big impulse. Price is on the descending trendline , where a Bearish Bat is formed. Fifth wave may end for an abc correction to follow . RSI(14) is overbought. If we break up the trendline, we will watch for a flag to confirm the move up. Take care
Like your post, I think that it has also fundamental support. We may be seeing stronger Yen from end of December and also in January. This is due to fact, that large institutions, funds..., will first tray to wait with profit taking till start of January and for this reason be taxed with tax pending payment till April 2018. If we will see large profit taking in December (not excluded), than ofcourse large investors will start to cash in profit sooner even if they are going be taxed in April 2017. This will in huge extent determine bearish USD versus JPY movement in short to mid term. Best regards, happy trading to all and happy new year.
zaffarfx
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great bro
arif_awan
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PHL
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Nice wave analysis and descending trendline, well done! Personally I wouldn't agree with the formation of the bat pattern though :)