USDJPY Longs from 145.000 up to 148.300
This week, the current position of USDJPY appears favorable, positioned near two promising Points of Interest (POIs). We are inclined towards buying opportunities as the price has recently responded to a supply zone, and we anticipate a slowdown and accumulation.
Upon the completion of Wyckoff accumulation within our designated zone, we will seek buy positions for a short-term trade, aiming to reach the nearest significant supply. This counter-trend trade will serve as a retracement, acknowledging the temporary bearish trend.
Confluences for USDJPY Longs are as follows:
- To sustain its bearish trend, the price must respond to a demand level, prompting a retracement.
- The price is nearing a crucial demand level on the 13-hour chart that has broken the structure to the upside.
- There are remaining equal highs and imbalances above, which needs to get mitigated.
The Dollar Index (DXY) is poised for an upward retracement, aligning with this bias.
- The overall market trend on higher time frames, such as the monthly chart, remains generally bullish.
- Price has taken some significant liquidity like asian lows so price might be due for a correction.
P.S. Upon the price reaching our 4-hour supply zone, we will patiently await a form of redistribution to align ourselves with the bearish trend. Currently, our focus is on the anticipation of a slowdown and pullback, which we expect to occur in response to the 13-hour demand.
Upon the completion of Wyckoff accumulation within our designated zone, we will seek buy positions for a short-term trade, aiming to reach the nearest significant supply. This counter-trend trade will serve as a retracement, acknowledging the temporary bearish trend.
Confluences for USDJPY Longs are as follows:
- To sustain its bearish trend, the price must respond to a demand level, prompting a retracement.
- The price is nearing a crucial demand level on the 13-hour chart that has broken the structure to the upside.
- There are remaining equal highs and imbalances above, which needs to get mitigated.
The Dollar Index (DXY) is poised for an upward retracement, aligning with this bias.
- The overall market trend on higher time frames, such as the monthly chart, remains generally bullish.
- Price has taken some significant liquidity like asian lows so price might be due for a correction.
P.S. Upon the price reaching our 4-hour supply zone, we will patiently await a form of redistribution to align ourselves with the bearish trend. Currently, our focus is on the anticipation of a slowdown and pullback, which we expect to occur in response to the 13-hour demand.
Comment:
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