Short

USDJPY Best long-term sell placement

USDJPY is trading within a 5-year Bearish Fibonacci Channel but since April has been inside a Channel Up. Not only has the Channel Up reached the top (0.382 Fibonacci extension) of the Fib Bearish Channel but also last week the price entered a Resistance Zone that is holding since February 2019.

This is not the first time we have seen a Channel Up reaching a multi-year Resistance. The very same pattern was formed in 2018, hit the Resistance in October 2018 by making a blow-off top and after consolidating within a Triangle, it aggressively dropped to the lower layers of the Bearish Channel.

This Triangle has been seen within this Fibonacci Channel another 2 times, all of which made blow-off tops and declined aggressively. Notice how all peaks were accompanied by a 1D MA50-MA100 Bearish Cross.

Our thesis is that this is the best time to sell USDJPY on the long-term (1 year horizon).

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