Yen trading into long-term structure

Alright folks, today we take a look at the Japanese yen, Japanese Yen futures is six J, or maybe j y depending on the platform you use ETF traders can look at FX, y and currencies.
So you see the yen here, getting sold off pretty hard. It’s been in a pretty good little downtrend here, since for the better part of a year, trading all the way down here from the 97 level, all the way down to this 8586 level. And what I want to do today is bring to your attention, an area of structure that we could see some reaction and we get a little bit of reaction, but not much yet. So you can see if we come all the way back here to these lows back in December, like December of 2016. Again, this is a weekly chart. This is an area that has been untested now that is quite a long time five or six years to really pay attention to an area but it is an area of significance. Because it basically paused or reverses longer term downtrend that carried on back in earlier of 2016. So we do want to take notice of it for sure. And it looks like if we just take a basic fib retracement, I always like to add a little bit of confluence here. We’re going to take the FIB from that low up to that high. And we’ll see what that’ll, if that aligns with anything. So this area is somewhere here between the 618 and 786 retracement, I would like to see it really kind of coming in right on the 786. But that’s okay. So we’re going to remove this. We’ve identified this area of structure. And now we want to drill down to the lower timeframes to see if we do indeed get any kind of reaction. So all it did basically today was pause the price action. This has nothing to write home about saying okay, yeah, this is certainly going to reverse. We don’t know that. And does it look like that now we got a little bit of a bounce, but then close on the lower end, giving us this little doji here, we want to then drill down to the lower timeframes. And when we get down here, kind of like this is where we can look for potential entry points. This is just the one hour here. So would be looking for bullish divergence signals, or 123 bottoms, we did get a one to three bottom here for a nice little pop up, we can go down even further into say the 10 or even five minute charts for even tighter or sniper like entry. So we came down here, this was
see what time did we come down here today.
So we came down
early in the morning, yesterday, actually on one four, and we’ve come down we pause and then the sellers brought some more force in here we’re getting 123 Bottoms down here right into this key area of structure. We’re also getting some bullish momentum picking up right here. So that was a profit that was achieved. And then we basically can see that this whole area of structure has served as support got that bounce up, and we’ve come back down and tested this level again. Now that’s playing it more on a shorter term, time based timeframe. If we go back to that daily chart, we go back to the J daily chart. You see we’ve got a new fresh number one for new fresh 123 Bottom, seasonally, we have a bullish tray come out around the corner here 80% win rate over the last five years. This is nothing too exciting but it is positive expectancy. Taking a look at the seasonal chart here. You can see we do get these upticks here based off the 515 and 30 year storica price average. So we will be looking for low risk high reward Long’s and the Japanese Yen futures with tight cap risk looking for higher profit potential. We’ll see how it plays out