Currently no action to be taken, but price may pull back to these important level breaks. Keep an eye for a pull back and some Bearish price action to ride the sell wave down further. Failing this, we could engulf here and close back above the break level and this could warrant a long position?
Currently right on top of a major swing support level. We could see some continuation to the down side, seeing at there was a fair bit of Yen strength las week, or maybe this pair is exhausted it's sell power and we may see some stops being hit and positions being closed and some Bullish candlestick patterns to get into a long trade? Anything is possible at this juncture.
Expecting GBPJPY to fall over the next week or so. Could possibly see it reach 150.00 first which is a previous area of resistance. Should we get triggered in I would hope to see this reach around the 147.000 level long term
Currently heading north to a significant bounce point, it will tie in nicely with the outer Bollinger band. All I need at this level is the correct candlestick pattern and I'll jump in short with target 2:1 at recent low.
Similar to EURJPY. Currently at a resistance level, so watch for some candlestick patterns to form here. Failing this, we may head up to the higher resistance area, take out the stop orders from trader's holding sell positions and then maybe get some Bearish evidence to get short.
- Inverted Head and Shoulders on the daily. Would like to see a break of the neckline before making any big decisions on the USD Pairs
- Break and Retest of the descending channel
- Counter trendline being respected well currently
- Completion of right shoulder matches up with 0.5 / 61.8 fib retracement
This idea is solely based on technicals. no fundamentals is considered on this analysis but I would recommend looking into fundamentals before taking a trade. As you can see we have a reverse divergence on the 15 mins chart. If you look at price on the chart it has made two peak lower lows but the indicator is showing different. With that being said you can see...
Back testing that key area now, Where will we go from here, Break or Bounce? Will be checking the lower timeframes to confirm any moves. Daily candle close has shown failure to break that level and rejected it at the moment.