Another overbought market with a pinbar off the daily on the 5th of september,
Reaching a new high for 2018 at 1.77340 with a sharp retracement leaving the day to close below 1.765.
The rest of the week pulled back up slowly with the highest high on friday of 1.77120 still approx 20 pips below the 2018 high,
closing our end of the week Friday just below...
Markets been overbought for the last couple weeks breaking resistance consistently,
We're waiting for a significant change in price to occur and for order flow to support the sell,
Patiently waiting for the market to correct itself in some sufficient bearish pressure.
Strong support that we've finally bounced off of at around the 80.5-80.8 Area.
Heading up in a bullish fashion, with supporting order flow from our moving average indicators,
Expecting an early take profit at 82 to secure pipage with use of two entries.
However a further push to the next 5 day high of 82.6/82.8 is expected.
Pulled back from our bearish decline to around 4300.
Broke out of minor resistance at around 4700 and is looking to push up and out.
Currently at 5000-5100 area looking for push at least to around 52-5300.
More of a long term move is through our zone and to the 61.8% level of the fib.
Patience... Wait for a clear signal to go long. Either a strong bounce from support or breakthrough of support then bounce of a lower level.
USD is still weak and news isn't supporting the strength of crypto at the moment.
USDJPY Strong Sell,
I had entries earlier this week at: 111.171, 111.000 and 110.6 All profitable.
Bounced of resistance at around 111.15 and failed to break through, now heading down for at least the earliest support zone area around 108.
If it breaks through support we're looking to take profit around 107, 105 or the lowest of 103.
Collect your pips.