If you fancy clicking into events, a good fill on any of the cases identified can provide sustained profit for a few minutes given the amount of volume and institutional order flow in USDJPY anticipating the interest rate decision this Thursday. The market is definitely expecting some relief for yen strength, as Japanese exporters are crying for mercy and Abe +...
There is still some more downside to be expected from this pair, pitchfork channel has been rejected on the 4H timeframe
as well as the ichimoku is still indicating down, until Chikou Span crosses price, I don't consider to go long.
this weeks event risk is not really going to send this pair any where to the upside, especially when we are expecting lower results...
- Price found resistance on previous P (1.27100) which has now turned R1 and on the midline of the pitchfork.
- Price below descending trendline
- The Stoch RSI is showing the next move down.
- Stong US data this week will probably send this pair lower
These 4 factors combined suggest selling at R1 or even P
I see no reason to go long on this pair untill it...
