REASONS:
-Monthly Timeframe candle is bullish with a wick at the bottom (sellers exhaustion)
-Weekly Timeframe candle shows reverse head and shoulder pattern
-Daily Timeframe candle shows exhaustion from sellers and buyer (wick at top and bottom of candle)
-4HR Timeframe shows sellers exhaustion with doji
-Lower timeframes correlating with higher timeframes
My...
FX:USDJPY #USD/JPY has been in an upward trend for a long time. The price was close to the key resistance zone 112.78-113.17. The creation of a sales signal in this area may activate sellers. The breakthrough of the growth channel support will be an additional signal for the deepening of the downturn. Currently, the target is the first level of price attack 112.15.
We are expecting the yellow metal to continue its uptrend till the last week of September, that's when we can see some sort of sell off coming in.And that would make it a short term top for Gold.Gauging from the speed of up-move the prices could go to the levels between $1360-1380, that's 2-3% rise from current levels.
The severity of selling would have to be seen...
