On the 4H chart we can see that price is hovering and testing the 23.60 Fibonacci retracement. Price has broken the trend line that began on the 02/04/2020 but only just. Therefore, if we see a rejection of the 23.60 Fibonacci retracement then I would personally consider entering a short position.
I have drawn two sets of trend lines, these are dotted as they...
price is currently trading inside this ascending channel structure whilst also near our major resistance level. Should we get a reversal, we will be looking for a break of this channel pattern and also look for a correction further down to add entries
A risk off environment in the previous week due to fears of the coronavirus' impact on the global economy.
The USDJPY' phenomenal run to the upside has been undone by the risk off move. We moved up on the back off the weakness in the JPY economy.
For this asset we need to be looking for some consolidation days, or pullback days before we get into a...
We have had a fantastic week in the USDJPY asset. Price ripped through resistances on the prospect of the JPY economy contracting.
We expect this asset to find a new range, on the fact that the PMI data from the US came out weaker than expected. Perhaps risk is seeping into other economies.
The 110800 minor level is what we should be looking at to...
With the US index' at all time highs, the USDJPY has shown some strength as the currency pair correlates.
This week we saw the pair struggle to get above the 110130 minor level, if we were to take this pair long we will need to get in after the first retracement leg.
If we get a break of the 109650 handle. Bears can look to take the pair to the...