JPY is very strong across the board and the EUR is currently very weak making this trade a high probability trade
No Major news events next week so it will purely be price action , we may see the EUR recover early monday tuesday making this entry fairly risky.
i had planned to enter this trade on Tuesday however got triggered in Via pending order.
As you can see price has reacted from the support line the yellow line.
price has clearly rejected lower prices and has plenty of room to the upside before any major tests.
price may then try to break back in to the ascending trend line which will give us more opportunities to go long.
The AUD is clearly showing key signs of strength across other major currency pairs
With the yen continuing to strengthen and the Dollar continues to show a sign of weakness this trade has the potential to play out fairly quickly.
The technical are also aligning with the fundamentals aspects. you can clearly see on the chart withe the descending trend line which is acting as a form of resistance. we had a minor fake out of the trend line but...
A bit late with the Post
i believe this is a high probability trade especially with the weak pound being displayed across the board.
All time frames signal further downwards momentum with the weekly and monthly showing bearish sentiment.
Upcoming elections also suggest the weakening of the pound as high levels of uncertainty are being displayed investors May...
Pin Bar was not formed on the daily close yesterday signalling more price consolidation around that area
Pound has been gaining momentum across all currency pairs which may be the reason price is still holding
possible price manipulation with elections coming soon which should see the pound drop in value across the board