A lot of the currency pairs I follow have been having a hard day in terms of finding any direction. The USDJPY is starting to breakout of a consolidation period and the EURJPY having previously broke some structure has pulled back to my entry level.
US CPI out this week, along with FOMC meeting minutes. Markets have clearly gone sideways as the bankers meet up and discuss whatever it is that they discuss.
The intraday trend is on as the momentum breakout has reached its target. Now moving up to a daily time frame I am looking for a much bigger move.
The change in the market was signaled by the break in structure and now we're waiting to see if the buyers will step in again.
There has been a move higher into Fridays close, and I am now expecting to see the continuation patterns push the price higher.
The US dollar has fallen from its highs, so now I am looking for a continuation higher for the EURUSD.
The range was formed and confirmed after the first two range expansions which would have stopped both the bulls and bears out who were short-term holders. Since then we have traded within the range and once again expanded the range. Whilst price is below the Weekly open, I am looking for reasons to get short.
Unfortunately today the USDJPY did not reverse back to the mean
At the London Open today, the price tested the session opening price level before continuing on its move away from this week's opening print
Looking back across the weekly chart, there has been a change in momentum. Price action is taking out previous weekly highs. On an intraday chart, we're currently waiting to see if there can be another close above a weekly high?