FOLLOW UP STRUCTURE | USDJPY

Tendency: Uptrend ( Bullish )
Structure: Harmonic | AB = CD | Wedge
Observation: i. Expecting Impulse A-to-B to be in harmony with the B-to-C leg.
ii. The B- to-C leg is at 78.6% Fibonacci retracement of the A-to-B leg.
iii. Price anticipate a retest of 110.000 zone @ a .618/.786 retracement from point C forming a resistance.
iv. Expected C-to-D leg is a 127.2% Fib. ext. of the A-to-B move which is also equal to the A-to-B leg in distance.
v. Price action rejects Moving Averages on higher time frame confirming a significant resistance @ 110.000 zone.
vi. Observe a Wedge forming which is represented by a trend line caught between two upwardly slanted lines of support and resistance.
vii. Converging trendline (indicated on chart with the pink range) followed by a breakout movement in the same direction as the impulse leg AB might be a good reason to execute trade.
Trading plan: i. SELL now or at reversal zone with TP1, TP2 and TP3, (in the instance where price breaks 105.300 zone significantly will TP4 and TP5 be considered) @ 750pips) and SL @ 111.500/112.000 zone.
Risk/Reward: 1/3.5
Potential Duration: 8 to 20 days

** Please note that Stop Loss is subject to individual risk appetite per trade and account size.

Watch this space for updates on lower time frames as price action is been monitored.


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