- Daily
The daily candle closed bearish today rejecting the zone drawn around 127.500. JPY pairs across the board are appearing to have some bearish momentum. Some of my partners that look at other pairs saw similar findings on other JPY pairs. This looks like a solid railroad formation (tweezer top). We could see more from this pullback.
- 4H
We see a nice "M" formation in the rejection zone that signaled the move to the downside. Since overall trend of the short-term market is bullish, I would be looking for signs of reversal around the highlighted areas. These are also my TP points, and we can see TP1 (38.2) and TP2 (61.8) have been hit. There is current rejection off of the 61.8, but not one significant enough to engulf the previous bearish candle. I still think we could see a little more bearish momentum.
-1H
This timeframe confirms my findings on the higher. There are multiple signs of continued bearish momentum:
- Dark Future
- Price and Chikou below Kijun
- Breakout to the downside of the Kumo
Although these signals are not as strong as they would be on a higher timeframe, they still give slight foreshadowing of what can occur going into the next day; or at least the next few hours.
The daily candle closed bearish today rejecting the zone drawn around 127.500. JPY pairs across the board are appearing to have some bearish momentum. Some of my partners that look at other pairs saw similar findings on other JPY pairs. This looks like a solid railroad formation (tweezer top). We could see more from this pullback.
- 4H
We see a nice "M" formation in the rejection zone that signaled the move to the downside. Since overall trend of the short-term market is bullish, I would be looking for signs of reversal around the highlighted areas. These are also my TP points, and we can see TP1 (38.2) and TP2 (61.8) have been hit. There is current rejection off of the 61.8, but not one significant enough to engulf the previous bearish candle. I still think we could see a little more bearish momentum.
-1H
This timeframe confirms my findings on the higher. There are multiple signs of continued bearish momentum:
- Dark Future
- Price and Chikou below Kijun
- Breakout to the downside of the Kumo
Although these signals are not as strong as they would be on a higher timeframe, they still give slight foreshadowing of what can occur going into the next day; or at least the next few hours.
