JPYINR is completing double Head & Shoulders pattern on the 4H chart. Break of this baseline would be highly bearish for the currency pair. Otherwise, if this line is held, we can see strong bullish action as well.
Good time to wait and watch and take a trade when either side seems strong.
A head and shoulders possibly in production. Once OXT attempts 0.75-0.80 range, will a re-visit to the 0.25-0.30 range be in June? Looks to be a nice bearish BAT pattern that started forming around April 17 which may take us back to the 0.70s between May 5-8 before we begin to make a descent back down. What are your thoughts?
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USD/JPY : usd/jpy is currently going to up trend for beyond the technical analysis SD/JPY moving up...
1. monthly chart for current support is strong and buying pressure is high
2. monthly chart - candle stick is engulfing and hammer forming for double conformation
3. the 4hr bottom of chart is forming...
Market Analysis : Yesterday evening around 7:30 PM most of the retail traders who trades in commodity segment (Crude Oil) would have been taken sell call after 4 hours support channel broken and they were expecting market will fall heavily but market has taken support from 40.47 and reversed because of another support channel which i mentioned in chart
Heavy resistance @ 149.70
If it breaks the support of 139.4, then it perfect for shorting as per Double Top Pattern.
If it does NOT break the support, it maybe a trend reversal to the resistance or movement of price in sideways.
Warning: Today is the quarterly earning result of COAL IND. Please ensure to look at that too.
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