USDJPY Technical Analysis 29.09 - 06.10 : Correction - page 2

[Sergey Golubev]

It is the other breakdown on D1 tomeframe going on, and I am in profit with +61 pips for now :

[Sergey Golubev]

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newdigital, 2013.10.05 09:29

GBP/USD Reverses from Major Market Level; Know these Levels Now

• USDJPY teeters, significant technical confluence next week.
• GBPUSD weekly key reversal at major resistance
• USDMXN possibly setting up for a huge move later this year

-USDJPY closed the week below the trendline that originates from the June low. It is possible that a 3 month triangle is complete. This is the working assumption as long as price is below 98.72.
-The decline from July would consist of 2 equal waves at 94.89. This level intersects channel support that originates at the July high AND the channel that originates from the March 2012 high on Wednesday!
-The channels are ‘Elliott’ channels. The short term downward sloping channel is a corrective channel. The long term upward sloping channel is an impulsive channel.

Trading Strategy: Picture is bearish below 98.72 but have to be aware of the mentioned channel confluence as a huge level at 95. What happens there likely determines the next big move (to either 90 or above the May high).