Hello traders.
I see a poin of interest here. Fundamentally speaking, Bank of Japan has initiated the intervention in order to mitigate the Yen 's depreciation.
Technically speaking we are inside weekly supply zone which is not checked as support up to today.
I see an M pattern forming in daily time frame.
I see two potential entries. One immediate entry and another one if it goes up to test the highs.
142 price are is nice for take profits.
Note: M patterns are not always symmetrical as a nice double top. it can include second high lower that the previous one because they do not want to release the late buyers who bought at the top. They want to grab their money. So, this is a reason I believe it may start selling from now.
Anyhow, Friaday is NFP and it may cause volatility with USD spikes testing Key levels so I want to be safe by reducing the lot seriously and increasing the SL much higher.
If the M is going to form a High> previous top, I will still consider it as a nice entry for short due to stop hunt routine for sellers. (M pattern not symmetrical again)
Good luck!
I see a poin of interest here. Fundamentally speaking, Bank of Japan has initiated the intervention in order to mitigate the Yen 's depreciation.
Technically speaking we are inside weekly supply zone which is not checked as support up to today.
I see an M pattern forming in daily time frame.
I see two potential entries. One immediate entry and another one if it goes up to test the highs.
142 price are is nice for take profits.
Note: M patterns are not always symmetrical as a nice double top. it can include second high lower that the previous one because they do not want to release the late buyers who bought at the top. They want to grab their money. So, this is a reason I believe it may start selling from now.
Anyhow, Friaday is NFP and it may cause volatility with USD spikes testing Key levels so I want to be safe by reducing the lot seriously and increasing the SL much higher.
If the M is going to form a High> previous top, I will still consider it as a nice entry for short due to stop hunt routine for sellers. (M pattern not symmetrical again)
Good luck!
Trade closed: target reached:
+700 pips in profit