Tendency: Downtrend ( )
Structure: Breakout | | Trendline | (AB = CD)
Observation: i. In the last 10 days and since the price broke down Y110.100 ( on the chart), the Greenback has gotten a little choppy against the Japanese yen as indecision continues to reign in the market.
ii. With the non-farm payroll coming up in the week, participants remain cautious about doing anything other than simply trading in short-term range bound moves.
iii. Multiple rejections of Y110.200 which also coincides with a of AB leg insinuates a transition into a (AB = CD) in the coming week(s)with parameters explained below;
a. Impulse A-to-B is expected to be in harmony with the potential C-to-D leg.
b. The B- to-C leg is at 61.8% of the A-to-B leg.
c. The C-to-D leg is expected to fall within 127.2 – 1.414% Fib. ext . of the A-to-B move @ Y108.500 area.
iv. Below Y109.800 Level (Key level) remains a comfortable area to take advantage of the intended bias as I look forward to a Breakdown/Retest of the Trendline in the coming week.
v. And a further Breakdown of the channel at Y109.400 shall welcome an opportunity to add to our existing position… Trade consciously!😊
Trading plan: SELL confirmation with a minimum potential profit of 100 pips.
Potential Duration: 2 to 5days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
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