This is a trade that I've been talking about a bit recently. USDJPY has been in an upward climb for days and today has seen it's first significant drop in a while. Could finally be on course for a correction.
As you can see on the 5m chart it looks like a accumulation schematic may be playing out on this currency pair. We got what looks like a second test of the lower bounds around 9:30am this morning. I will be keeping an eye on this pair over the next day or two to see if our pattern keeps playing out.
GBPUSD has seen a rapid drop in price from weekly highs heading down to weekly lows. Tuesday can now be used as weeks support and potential trade reversal.
USDJPY has been in a strong uptrend throughout the week. RSI has hit overbought three times in the last 3-4 hours. Trend range has form at the current high and it looks like we may be inside of a spring structure currently. I am opening small short positions when it hits new highs. Looking for the high to pull back into the trending range and then to hold ready...
GBPUSD has been in an upwards trend all day. In the last hour we have run up into over bought in the RSI but not broke the weekly high from the 3rd March. We are looking to break the trend line down and then hold on the trend range forming at the top. If these two conditions are met then it will indicate a reversal of the days trend.
USDJPY has been in up trend for most of the week. Hit highs mid Wednesday with biggest short movement of the week. If new trend forms could retrace back to open week price
GBPUSD came into resistance not reached since 2018. GBPUSD has been in an upward trend since March 2020, the month that the country went into lockdown. RSI on the daily chart was in over bought at 75. If the high of 1.42433 isn't broken and the low of 1.3859 is, then we could see a potential reversal of 2490 pips which would be massive. The UK announce their...
GBPUSD has settled into a range and looks like it could be breaking out over the next few hours. Hard to tell whether it will break up or down right now but once it begins to happen it will become clear. Looking at the 4h timeframe however I have tentatively marked this as a short opportunity however the next few hours will really tell more.
