USDJPY Price hits Dynamic Resistance & makes correction
As High Importance News Event results no change, price continue to move to its previous uptrend.
Now, price hits Dynamic Resistance and bounce downward showing that market is in correction phase.
Price was not strong enough to break the Dynamic Resistance because it was not backed up by the news.
Even though the news was in high importance, having no change results means traders have no momentum to break it.
This shows that as price moves towards the Dynamic Resistance, it bounces and start making correction.
This could be an opportunity for profit as market decides to correct the price, most traders are undecided whether to continue or not.
Now, price hits Dynamic Resistance and bounce downward showing that market is in correction phase.
Price was not strong enough to break the Dynamic Resistance because it was not backed up by the news.
Even though the news was in high importance, having no change results means traders have no momentum to break it.
This shows that as price moves towards the Dynamic Resistance, it bounces and start making correction.
This could be an opportunity for profit as market decides to correct the price, most traders are undecided whether to continue or not.
Trade closed: stop reached