$$USDJPY - FORECAST TECH MAP
After Re-Analysisng My USDJPY Previous Positions, I Have Identified Possible Area's Where Price May Reverse.
On This Chart You Can Identify Price Failing To Close Below 38.2% Not Once But Twice.
The First Time Price Failed To Close Above 38.2% We See Price Re-tracing To The 50% Area Where It Founded More Buyers
Price Then Re-tested 38.2% Area However
This Time It Also Re-Tested (& Re-jected) Important Resistance Trend-line Which Price Has Been Respecting Since June 2016.
Even-Though With My Confluence With Fibs And Resistance Trend-Line My Game Plan For This Pair Is To Sit Tight & Wait For Price To Print
Me A Potential Entry In Either Direction, Due To Gap's I Do Not Like To Enter A Position Straight Away When The Market Opens
I Will Be Looking To Enter A 'NEW' Long Positions On USDJPY If Price Breaks-Out My Resistance Trend-Line On The 240 & If Price Closes Above.38.2&
I Will Be Looking For A Short Post If Price Closes Below The Support Structure & 50% Fibs Ratio & Will Aim For 80pips.
Best Of Luck This Week, Guys & Girls.
After Re-Analysisng My USDJPY Previous Positions, I Have Identified Possible Area's Where Price May Reverse.
On This Chart You Can Identify Price Failing To Close Below 38.2% Not Once But Twice.
The First Time Price Failed To Close Above 38.2% We See Price Re-tracing To The 50% Area Where It Founded More Buyers
Price Then Re-tested 38.2% Area However
This Time It Also Re-Tested (& Re-jected) Important Resistance Trend-line Which Price Has Been Respecting Since June 2016.
Even-Though With My Confluence With Fibs And Resistance Trend-Line My Game Plan For This Pair Is To Sit Tight & Wait For Price To Print
Me A Potential Entry In Either Direction, Due To Gap's I Do Not Like To Enter A Position Straight Away When The Market Opens
I Will Be Looking To Enter A 'NEW' Long Positions On USDJPY If Price Breaks-Out My Resistance Trend-Line On The 240 & If Price Closes Above.38.2&
I Will Be Looking For A Short Post If Price Closes Below The Support Structure & 50% Fibs Ratio & Will Aim For 80pips.
Best Of Luck This Week, Guys & Girls.