USD/JPY short term bullish, medium term bearish
If we look at the daily and weekly, the area between 146,50 and 147 acted as a resistance area whenever the pair fell to those levels.
It seems like we are breaking the Structure to the upside on short term to test the 146,50 - 147 levels (Supply zones), but only on short term.
We broke the 144,70 levels to the Downside for 2 weeks now, that's a pretty strong bearish signal. However, there is still liquidity to be taken from the Upside (FVG 146 - 146,50)
So my Trading positions will be the following:
- Short Term: Wait for a break of 145,30 to the Upside, BUY, TP at 146,50 levels
- Medium and long term: SELL, TP below 142 levels
It seems like we are breaking the Structure to the upside on short term to test the 146,50 - 147 levels (Supply zones), but only on short term.
We broke the 144,70 levels to the Downside for 2 weeks now, that's a pretty strong bearish signal. However, there is still liquidity to be taken from the Upside (FVG 146 - 146,50)
So my Trading positions will be the following:
- Short Term: Wait for a break of 145,30 to the Upside, BUY, TP at 146,50 levels
- Medium and long term: SELL, TP below 142 levels
Comment:
If we see a loss of Momentum to the Upside *if 145,30 doesn't break* then SELL, Take Profit 142 or bellow.
Comment:
Worked out well >D