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USDJPY 4-HOUR CHART — THE INVISIBLE HAND WINS
Those following my posts have seen me use the term “invisible hand” to describe some force preventing USDJPY from breaking the 150.89 level.
Looking at this 4-hour chart shows (note 3 lower AT blue lines on top) a currency running out of steam.
When you look at my charts take notice when you see 3 higher red or 3 lower blue lines (using The Amazing Trader = AT) as it is often followed by an acceleration of a move in the direction of the lines (applies to any time frame).
USDJPY DAILY CHART — THE DEVIL STRIKES BACK
An old-time Global-View member used to refer to the YEN as “The Devil” as it has ruined more trading careers than any other currency.
The YEN may have gotten its “Devil” nickname from this debacle: Rise and Demise of a Hedge Fund or How to Blow up Billions in One Year
I am posting a daily chart to show the next key support level at 147.61 but in the absence of any nearby resistance after the sharp fall, look for 148 to replace 150 as the new pivotal level. Below 147.61 shows a void until 145.90.
Back above 148.91-149.21 would be needed to negate the risk and shift the risk back to 150.
I will post a 4-hour chart next to show the top was pretty clear.
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