( week17 , ranging short oppoturnity) week16 USDJPY big picture and potential energy to charge out of larger ED channel

MN

Big picture shows price halted at fib6 via a bearish engulfing . this leaves an impression for subsequent months to have bearish bias.
This bearish bias gave rise to a successful 1234 WR6B which completed the d1 bear flag on week15

week16 USDJPY mn big picture 130414

D1

Coming to week16 with one of the most bearish week since Oct 2013,

week15 USDJPY D1 13Tl within 13TL 090414

I am looking to see if this momentum can continue n break thru the support for the month of april and bring down the jpy market. Should that happen, my curent positions in cadjpy n audjpy will have the chance to continue to move.

updated 200414

It was a good decision not to continue any short. I am satisfied with analysis not on shorting into strong support, but not sure if I could have done better to get long.

Nevertheless, downside bias remain strong hence the constant lookout for short opportunities instead of long ones.

Price is coming to a resistance confluence of a previous wr6b d1 fib5 confluence zone hence will be on look out for a ranging/short opportunity.

week17 USDJPY D1 watching resistance confluence 200414

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