Main trend is still up and confirmed by the false break of the trendline.
i'll wait to the pullback and buy on support - low risk high reward in this trade.
Further details on the chart.
please leave comments what do you think :-)
Best of luck :-)
FX_IDC:USDJPY is getting ready to break. We can expect both ways but because the trendline was broken we can expect move to the upside.
USDJPY was downtrending for more than a half year without any bigger moves upside so we can expect a break.
Good luck with trading.
USDJPY Bullish now on the H4 time chart since it broke this down trend.
There was already a small retracement on this uptrend. Target is set at 111.499
Trade what you see...
If market break below trendline, wait for the retest and sell
If market extend to 61,8%, watch for the price action and sell, it will probably form a Pumb and Run reversal top.
look closely and see that these candles where the red box is has just trapped all short sellers in the market. Have to remember all this is speculation and this is a clear money grab.
price has just tested this area to make people think price is going long again, but i believe in the next 4-8 hours it'll drop short.
price to test the 200MA and area of previous...
After a sharp recent rise, I'm seeing multiple indications of selling taking place, possible leading to a move down to the 84 area or lower. Obviously, this is negated by a push upwards towards 89.
