USDJPY 6/8/23

Aug 6, 2023

Here on our UJ chart we have another sell range given to us but in this case we have a very choppy range and a WICK POI which is a clear indication that our range was created during news, overall we did sweep out our highs before breaking down which adds probability. NOW, we know our rules around news POIs are which is to stay safe and expect a slight deviation due to the orders creating this range have more than likely been shifted since its creation... knowing this we are going to look for a confirmation around our SWH zone to short this out, of course if we have news or any other price action indications we will calculate how we will enter this one.

Remember to always read order flow and follow what price is showing you instead of trading based on your desired direction. And, as always, stick to your risk and your plan.

We'll be closely monitoring market openings and price action throughout the week. If you find this analysis useful, let us know in the comments below and hit the boost button to show your support. Here's to a successful week of trading!