Hello traders!
Long time no see... With the Japanese elections just around the corner, there are certain speculations of an incoming fall. My analysis does not agree with that. I think JPY is heading for 159.500 buyside liquidity. Even if it is heading lower, it is highly unlikely that it goes now.
There are two scenarios here. If market consolidates around the weekly gap marked on the chart for few more days, we might see a fall. If it doesn't, we're going for higher targets. The two pink zones are daily support levels which can be expected to push prices higher.
Now, when I say two scenarios it doesn't mean I'm saying anything could happen. The major possibility is the 159.500 buyside. The second scenario is just a fail-safe.
Also, note that this is a directional analysis and NOT a trade idea. Trades require much more sophistication than this.
GLGT,
Satya.
Long time no see... With the Japanese elections just around the corner, there are certain speculations of an incoming fall. My analysis does not agree with that. I think JPY is heading for 159.500 buyside liquidity. Even if it is heading lower, it is highly unlikely that it goes now.
There are two scenarios here. If market consolidates around the weekly gap marked on the chart for few more days, we might see a fall. If it doesn't, we're going for higher targets. The two pink zones are daily support levels which can be expected to push prices higher.
Now, when I say two scenarios it doesn't mean I'm saying anything could happen. The major possibility is the 159.500 buyside. The second scenario is just a fail-safe.
Also, note that this is a directional analysis and NOT a trade idea. Trades require much more sophistication than this.
GLGT,
Satya.
Note
Looking at what the market has done so far, it looks more likely to go for discount lows at the moment rather than going higher. That is what I am tracking at the moment.Note
Discount lows delivered.
Satya P Sahai
Disclaimer
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Satya P Sahai
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.