- Analysis of Bullish Trends on JPY Pairs
Bullish trends observed on JPY pairs, indicating potential upward movement.
- Market broke major resistance levels, including the previous 4-year resistance and 6-month high.
- Current market sentiment suggests a 1-2 RTM pattern on a 3-month timeframe.
- Similar pattern seen on the weekly and daily timeframes, with the market nearing previous daily highs.
- Friday's trading indicates potential increase in volume as traders position for the weekend.
- Previous day's high remains untested, marking a critical resistance level.
- Breakout of a head and shoulders pattern on the 1-hour timeframe suggests a buying opportunity.
- Recommended to place buy stops above the current shoulder level to capture upward
- movement.