I am glad I kept the bullet point above in neutral rather than being prompted by a Double Top that turned out to be more of a Bullish Halfway Hesitation. Over Oct – Nov and we have seen USD/JPY rise and reach the target for this move at 123.65 – coincident with the Jun 20017 high. Since then sideways… we may have formed a Triple Top in which case we it would be back down to the multiple 50% Fibs at 120.86 & 120.88.
Alternatively, if we take the cue from the recent action and look at the whole of Nov as a form of Halfway Hesitation then the upside target might be just over 127.00—but only if it takes out the Jun-to-date Downtrend (currently 124.35). With three out of four MAs basically flatlining and only one really drifting higher (Short/Medium MA) the bullet point, I suggest, ought to remain as neutral.
However, please watch the MAs. We may have a Bow Tie Formation happening later this month as all three MAs – Short/Medium, Medium & Long MAs look to simultaneously crossover and splay away – like a Bow Tie. The action typically kicks in 15 – 20 days after crossover in the direction of the MAs move.
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