This is a textbook example of a range breakout. The dollar-yen range from March 2017 was finally broken 2 weeks ago.
The previous week's price action was able to retest that broken range. I can see a nice target bound for 105 level.
TIP: Go in to the lower time frames and look for bearish formations/candle for your entry.
Additional Info:
My bias on the Dollar Index is still bearish. Kindly click on the separate chart for more details.
PLEASE follow me for more swing and long term trading setups.
The previous week's price action was able to retest that broken range. I can see a nice target bound for 105 level.
TIP: Go in to the lower time frames and look for bearish formations/candle for your entry.
Additional Info:
My bias on the Dollar Index is still bearish. Kindly click on the separate chart for more details.
PLEASE follow me for more swing and long term trading setups.
Comment:
MY USD Bias Would still be bearish until the February High resistance is broken and then retested as a support. The next immediate resistance is the Monthly PP which was rested last week but bears are still on the look out. And if you observe the candles on the 1H TF, so many bull exhaustion.
Trade active:
Range is broken and price is retesting it. Might be a good place to open
a new position. I'm still holding my short trade on this pair.
Caveat!
a new position. I'm still holding my short trade on this pair.
Caveat!
Comment:
DXY Update: A textbook example of Break and Retest
The dollar index found a nice immediate resistance. This served as a major hourly support last week. Before the London session started the hourly candle came through it again and tested it. If the hourly major support at 89.60 breaks. The next target support if price action still continues to go down would be 89.40.
Remember that our last target was that trendline support (marked in purple) it was broken during the Asian session.
Follow me for more updates!
We'll harvest pips together.
The dollar index found a nice immediate resistance. This served as a major hourly support last week. Before the London session started the hourly candle came through it again and tested it. If the hourly major support at 89.60 breaks. The next target support if price action still continues to go down would be 89.40.
Remember that our last target was that trendline support (marked in purple) it was broken during the Asian session.
Follow me for more updates!
We'll harvest pips together.
