USDJPY Short Weekly Trade Setup ~
As we see on the daily chart a perfect over extended '' W '' Formation has been created, Plotted on the Strong Resistance level and Strong Daily Support level.
Okay, lets proceed on the COT report the Commitment Of Traders. On the previos COT Data the JPY pullout -7.7k Long and Added +4k Short giving the Total of 42.7k Long and 18k Short. Indication to push the JPY to bearish direction.
Now lets a look on the recent published report the JPY added additional +1.2k Long But on the contrary on the previous data they now added +8.3k Short giving the total net of 44k Long and 27k Short.
So what is the meaning of it? Okay let me explain my opinion.
The USDJPY is pointing the 106.000 ~ 105.900 this coming week, Why? Obviously the JPY needs more liquidity to push the market Upward, Because they keep holding their Longs but why they added additional +8k short on this recent data? This is because theyr want to push to re-test the support level area a good level to SELL theyr Short Positions, Then ADD their Longs. Did you get my point?
Remarks; Market Direction for this week is Downtrend, Pointing the 106.000 ~ 105.900
Two options:
1) Put your Short Trade then Closed on the Support given level
2) Wait for the JPY touched the support Level and open your Long order
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As we see on the daily chart a perfect over extended '' W '' Formation has been created, Plotted on the Strong Resistance level and Strong Daily Support level.
Okay, lets proceed on the COT report the Commitment Of Traders. On the previos COT Data the JPY pullout -7.7k Long and Added +4k Short giving the Total of 42.7k Long and 18k Short. Indication to push the JPY to bearish direction.
Now lets a look on the recent published report the JPY added additional +1.2k Long But on the contrary on the previous data they now added +8.3k Short giving the total net of 44k Long and 27k Short.
So what is the meaning of it? Okay let me explain my opinion.
The USDJPY is pointing the 106.000 ~ 105.900 this coming week, Why? Obviously the JPY needs more liquidity to push the market Upward, Because they keep holding their Longs but why they added additional +8k short on this recent data? This is because theyr want to push to re-test the support level area a good level to SELL theyr Short Positions, Then ADD their Longs. Did you get my point?
Remarks; Market Direction for this week is Downtrend, Pointing the 106.000 ~ 105.900
Two options:
1) Put your Short Trade then Closed on the Support given level
2) Wait for the JPY touched the support Level and open your Long order
Did you like my Idea? Please Like and Follow for more pairs chart Analysis
