2017.8.9 07:25 The movement of USD/JPY forecast and scenario
It's already broken to the downside, but here is the scenario drawn on the right side of the chart, just in case.
USD/JPY Forecast: Reviewing the Previous USD/JPY Price Movement Forecast
We were able to forecast almost with near-complete accuracy. Compare the price movement scenario with the chart movements. It’s scarily accurate, isn’t it? I will publish this know-how someday.Previous USD/JPY Forecast – 2017.8.8 07:15 Post Scenario (Click the image to go to the article.)
Previous USD/JPY Forecast – 2017.8.8 USD/JPY 15-minute Chart
Today’s USD/JPY Forecast: Building a USD/JPY Price Movement Scenario
After the fake rise, it turned into a decline, but looking at the 15-minute chart, it forms a downward wedge, so there may be a move back upward. If it returns within the pennant frame, there is a possibility of moving back up to around 110.800.＜2017.8.9 07:00 Post＞
● Scenario 1
If the recent high of 110.556 is broken, it will consolidate around 110.600, and a breakout upward could take it to around 110.700–110.750. A breakdown could drop to around 110.300. If it breaks out upward and extends to around 110.700–110.750, there may be a pause or consolidation here. If it again breaks out upward and surpasses the 8.4 high, it could move to around 111.150–111.200. If the upside momentum strengthens further, it could rise toward around 111.850–112.250.
● Scenario 2
If it breaks below 110.296, it could drop to around 110.180, then rebound to around 110.280. If it breaks the previous low, it could fall to around 110.050–109.850. After that, it may consolidate, and a consolidation breakout downward could bring it to around 109.700. A consolidation breakout upward could bring it back to around 110.250.
If the recent high of 110.556 is broken, it will consolidate around 110.600, and a breakout upward could take it to around 110.700–110.750. A breakdown could drop to around 110.300. If it breaks out upward and extends to around 110.700–110.750, there may be a pause or consolidation here. If it again breaks out upward and surpasses the 8.4 high, it could move to around 111.150–111.200. If the upside momentum strengthens further, it could rise toward around 111.850–112.250.
● Scenario 2
If it breaks below 110.296, it could drop to around 110.180, then rebound to around 110.280. If it breaks the previous low, it could fall to around 110.050–109.850. After that, it may consolidate, and a consolidation breakout downward could bring it to around 109.700. A consolidation breakout upward could bring it back to around 110.250.
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