The Japanese yen is currently at a multiple tested support range at 0.00900. Here you have to look more closely and there are several possibilities:
1. Direct long positioning and stop loss under the support area
2. Wait for a stronger counter-move (for example higher closing price than the opening price yesterday) and then long positioning. Stop loss put under...
This looks like a pennant formation as there were 2 wicks that were acting as support and momentum of the current movement is decreasing as well.
Place stop loss below nearest support line and price will be taken at the next resistance.
On my previous post I stated that there could be a downside movement for this pair. However, there was a large amount of upside movement which looked like it was due to noise or news which has been released. As seen yesterday there was some news released for AUD which may have sparked the current increase in buyers.
I feel that the noise period is over and a...
If you get stopped out you have two choices:
1) Wait for price to reach the next key level before re-entering
2) If analysis completely wrong then plan for opportunity in opposing direction
I got my last AJ short idea completely wrong but that doesnt matter as long as you define your risk according to much larger rewards.
Be careful of the volatile news affecting the dollar but anyway the downtrend is coming to an end and us seeing bullush momentum when price reaches 1.51 level it will jump. Price is well belo wboth EMA's and stoch is oversold.
Strong uptrend so im following it. slight downtrend and choppyness has started because of heavy selling. price should come back up to normal. I could be wrong and price could touch the blue rectangle of support at 1.72619 level, if price does touch that rectangle a reverse is definitely going to happen. EITHER WAY I AM BULLISH