USD/JPY Bullish Wolf Pattern
Price closed above key trend lines on 03.11.2017
Despite a seeming triple top, price closed higher than the previous week, further evidence suggesting that price will continue to be bullish also shown by TRIX indicator near it's zero line and price above the 50SMA; as well as above the 200SMA.
I would wait for the Stochastics to cool off a bit and if price resumes after a retracement make sure that the TRIX indicator is above the zero line and a candle that closes above, or remains above the 50SMA before entering a long position again. Target 1: 118.86 Target 2: 127.19
A break and close below 108.72, however, would eliminate the bullish advance and price would then go looking for the 61.8 Fibonacci level at 106.379.
Despite a seeming triple top, price closed higher than the previous week, further evidence suggesting that price will continue to be bullish also shown by TRIX indicator near it's zero line and price above the 50SMA; as well as above the 200SMA.
I would wait for the Stochastics to cool off a bit and if price resumes after a retracement make sure that the TRIX indicator is above the zero line and a candle that closes above, or remains above the 50SMA before entering a long position again. Target 1: 118.86 Target 2: 127.19
A break and close below 108.72, however, would eliminate the bullish advance and price would then go looking for the 61.8 Fibonacci level at 106.379.
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