BluetonaFX - USDJPY ABCD Pattern Warning
Hi Traders!
There are potential warning signs that the outlook for the US dollar is not as strong as we hoped. Bad data has been coming out of the US this week, leading to traders being very nervous about tomorrow's NFP announcement.
This technical analysis on the charts also supports this. The market is currently in an ABCD formation, and the demand zone at the 145 level, which has been very strong over the past few weeks, must hold here; otherwise, there is a risk of a potential reversal of the bullish trend.
Last week, we posted a bull flag opportunity and stated that the market must break and close above 146.564 for a possible continuation towards 150.000, which the market has yet to do. This pattern is still in play, but the demand zone must hold.
All eyes will be on the NFP announcement tomorrow, and further bad data will lead to a bearish outlook for the US dollar.
We would love to hear your thoughts on this in the comments section. Please also do not forget to press the like button and follow for more updates.
Thank you for your support.
BluetonaFX
There are potential warning signs that the outlook for the US dollar is not as strong as we hoped. Bad data has been coming out of the US this week, leading to traders being very nervous about tomorrow's NFP announcement.
This technical analysis on the charts also supports this. The market is currently in an ABCD formation, and the demand zone at the 145 level, which has been very strong over the past few weeks, must hold here; otherwise, there is a risk of a potential reversal of the bullish trend.
Last week, we posted a bull flag opportunity and stated that the market must break and close above 146.564 for a possible continuation towards 150.000, which the market has yet to do. This pattern is still in play, but the demand zone must hold.
All eyes will be on the NFP announcement tomorrow, and further bad data will lead to a bearish outlook for the US dollar.
We would love to hear your thoughts on this in the comments section. Please also do not forget to press the like button and follow for more updates.
Thank you for your support.
BluetonaFX
Comment:
Demand zone level reached.
