Summary of technical analysis on the USD/JPY:
- Fib(0) changed to 106.957 high of 10:00 candle
- Stophunting session to grab the selling liquidity
- Temporary long ('short squeeze') & then short
- Swing is overextended to the upside
- RSI pullback to probe above the 70
- Extremely low volume for a new high
Signal was sent on Oct 4 for Cable short. 100+ pips caught, the current situation facing this pair is that cable is going for a restest of 1.3 price level.
It would be best now to exit your short position, if you have not already, and wait for the double top to form at 1.3. With the volatility seen led by fundamentals...
As we seen since the pandemic stocks have struggled to world lock down. So investors go for the safe heaven. One of them being Gold. So its been going to the moon.
The economy has slowly been recovering, however 1000's still losing their jobs. I think that gold rally will be over in the short term. But stock will struggle to recover, and with a chance of a 2nd...