Positional traders still holding onto shorts, as its reflected on the charts by a pull back
230 pm we have a news report coming out for jpy, its minor which is in 30 mins since this idea was published, looking at the yeilds and the bonds which affects this currency, i have assumed it will be a buy.
main reason why i took this trade, reasoning was after looking at yields, bonds, and also what happned at the Merc in the USA on monday. and the fact that later on today there is a CPI report coming out, took a position for a short
the markets been shook by political news, the instatutional traders would have been taking longs into the retail traders reactions to the UK's May's media output last night
reason being, even with high volumes it cannot break out of the current range, the constitutional traders already created liquidity to push the prices down
reason why i think, this is because the institutional traders will sell off the news (liquidity)
it looks like it has hit a major buy zone for this week