After earning small chips from the shorts I decided to go long and participate in the trend. This pair is still in an uptrend. The dollar is creating higher lows and structurally higher highs. I noticed a breakout of consolidation then a retest. The re-test presented a bullish reversal pattern followed by volume. I project price to push to atleast 144.808
UJ is still in its major uptrend as price continues to create strong higher highs and indecision lower lows. I took a buy based on the 30min structure. My target is the next daily resistance level. I believe that buying at a higher low off of a retest is a valid opportunity. Especially after a volume bullish engulfing candle.
The daily closed bullish but with some buy exhaustion which led me to believe that there still some bullish momentum but not much. The 1H made a clear higher high and decided to hold at its lows but created some bullish reversal signals on top of support. The moving avergae plays as support as well. Upon the breach of a 30min correction trendline. I believe price...
In the following video I've provided 3 scenarios in which I would look to take part in any trades. The first of which is quite simply a higher high will produce another higher high.
Both scenarios afterwards are reversals. If price throws indecision in the correct direction, it signals a reversal. The daily close today will suggest a lot at yesterday was...
I was initially under the impression that UJ might be prepared to retrace deeper. if the 23.6% fib did not hold. The Fibonacci level has held up nicely. Yesterday another indecision candle on top of support, and the 23.6%. In addition, the 4H moving average crossing to the upside, the 1H formed a higher low after forming its higher high within this range. I...
USDJPY may be slowing down in pertaining to bullish momentum, but a few other things need to happen for a short. A correction trendline has already been broken which is the first sign. The following must occur on the intraday 4H timeframe for me to short. I need to see a Lower low along with the moving average crossover to the downside. then a retest to the...
