Fibonacci GONE WILD

This pair made 2 year lows today! It's hanging on for dear life.

From a technical standpoint, this pair is toast, and so are all the other yen pairs. It's going to take something really big for there to be a major reversal.

The red horizontal line is a support line. This is the 2nd to last line of defense before a drop to 105.00. The last one is the 76% retracement which is sitting right beneath 107.00. A weekly close beneath any of these levels is to invite the bears to come for more.

UPDATE: I ADDED A MONTHY CHART....THIS IS MAJOR FOLKS!

Perfect trading the old fashioned way.

Just beautiful....

Price just made a bounce off the 76%. Price should push back up if it's a bottom. If not, then there is much more momentum to this downward movement.

This is the view on the Daily.

The support is there.....question is, will it hold? If not, it should break it somewhere around London open. If not, it's a case for more upside movement.

The pitchfork line is the only thing left after this current support to keep price from returning to the lows.

Price had better fight its way back inside (and stay there), or else..........DAAAAAAAAAAA BEARS!!!!!!!!!!!!

The squeeze is on folks, and something is going to happen real soon.

This is the first time out of four attempts that price was unsuccessful at breaking through the red middle pitchfork line.

This chart is a partial drawing of another chart which has other trendlines, fiblines, and a pitchfork. I just wanted to keep it simple for now and focus on what is affecting current price action.

As you can see, we now have two hourly candles that have closed outside the pitchfork. Price is finding support on the trendline that starts waaaaaaaay back in September.

THE BREAKOUT IS COMING!!!

Well, price broke out of the triangle sideways, mostly a bullish sign. However, if price turns down, I'm sure it will bounce a few times off the descending trendline from the outside and inside.

hey southermind good evening from here so any trades open?
BK

No trades on right now. I scapled a few trades earlier.

Let me ask a question: Does anyone feel that a trendline which once served as support or resistance should not be considered to serve as the same again? I had this discussion with someone and he says that once the line has been broken it should not be considered again in the same manner. I beg to differ. Sure, price may break it on occasion but it still can turn out to be useful for a period of time. The most recent chart I posted for GBP/USD demonstrates this claim. One thing about charts is that they do not lie.

Anatomy Of A Squeeze

(A similar trendline could have been drawn on those lows from Tuesday through today. I just used the line that produced those lows.)

Price is gunning for the 76% fib (106.95) it seems.

Might get a good bounce off the bottom pichfork line if it can hold along with the 61% fib.

I've made a few changes to the hourly pound chart I posted earlier.

changes: removed middle trendline, added new fibs, changed one of the pitchfork points, drew potential resistance line - purple)