Could JPY stage a massive recovery?
We saw JPY index triple bottom at 808 after a massive sustained drop, with the RSI also showing bullish divergence.
Triple bottoms are usually big reversal patterns after a big drop.
Buyers stepped in and price went up to 829 and in the process, formed a falling wedge which is also a reversal pattern adding confluence to the triple bottom.
Buyers continued to push price up and JPY broke out of the triple bottom neckline to go all the way up to 855.
Price has since pulled back in a falling wedge to retest the triple bottom neckline (prior resistance now support), which is also 61.8% fib of the initial leg up. We also saw price react here towards last week's close.
Could we see the matrix of confluence of the triple bottom, falling wedge and fib support play out and JPY continue to go up to 870 which is also the 127 fib extension as well as completion region of the ABCD pattern. One for the radar.
KG
Triple bottoms are usually big reversal patterns after a big drop.
Buyers stepped in and price went up to 829 and in the process, formed a falling wedge which is also a reversal pattern adding confluence to the triple bottom.
Buyers continued to push price up and JPY broke out of the triple bottom neckline to go all the way up to 855.
Price has since pulled back in a falling wedge to retest the triple bottom neckline (prior resistance now support), which is also 61.8% fib of the initial leg up. We also saw price react here towards last week's close.
Could we see the matrix of confluence of the triple bottom, falling wedge and fib support play out and JPY continue to go up to 870 which is also the 127 fib extension as well as completion region of the ABCD pattern. One for the radar.
KG
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