The pair is currently breaking out from a monthly descending triangle. On the daily chart we can notice the price ranging between the POC of March 2021 after few rejection of the VAH of March 2021. The price might retrace to the deviation of the up trending channel before continuing pushing higher. Another entry could be taken if the price break the VAH of march 2021. Personally i doubt the price will retrace to the 50% or 61.8% Fib levels (but obviously i could be wrong). Targets can be placed to the Monthly pivots R2 or M4. Be aware that on the way there are few levels to be aware of where rejection might happen:
-30.9% fib Extension (110.580)
-23.60% Fib Extension (110.265)
-12.72% Fib Extension (109.796)
-30.9% fib Extension (110.580)
-23.60% Fib Extension (110.265)
-12.72% Fib Extension (109.796)
Trade active:
Price broke the VAH for the month. Big shorts positions on the JPY from the COT reports of the 23th of March.
Price broke the VAH for the month. Big shorts positions on the JPY from the COT reports of the 23th of March.
Monthly descending triangle.