Following a close below a decent level of support from the daily downwards we can expect some continuation lower. RSI strength in the move aswell and put in this wedge type pattern which we can expect to break to the downside and can ride any pullbacks we get unless you play the break.
Possible breakout bullish trade, If we can break above this channel,
we could wait for a conservative entry, maybe a double bottom if we get a retest of structure on a lower time frame (15) and then look to get long.
This is a trade im looking at testing and wont be entering myself.
Lets see how it plays out
With a breakout on a previous uptrend and an upcoming resistance from a previous head and shoulder this is called the neck line which i have labelled on the chart. The breakout has retested the only support line and i will personally be taking a short on this pair.
Breakout of the range this pair was trapped in since October and price retraced to the 61.8 to retest 1.15 psychological level and should bounce back to the upside.This zone holding as support and price action currently consolidating on the lower timeframe, implying a potential bullish impulsive move. Clean charts giving importance to pure price action and market...
USD/JPY couldn't break the monthly support of 112.02 convincingly, hence a reversal in momentum following the rejection of this level. Price structure has been broken as the consolidation zone and both the EMAs have been taken out as the previous candlestick has closed above on the H4, enticing a strong bullish move. The 61.8 fibonacci retracement has been...