Refer my first trade idea for the full picture.
1.Price has broken swing highs
2. Points of Interest (POI)/Demand zones that sponsored the breaks have been marked.
3.based on how price approaches and reacts to the POI, longs can be taken.
On lower time frames where structure is clearly discernable, we wait for a break of market structure to the...
The counter USDJPY forms an ascending channel on 05th February. Since the price is maintaining in the channel and it is still moving upwards. The previous entry of the counter was at the bottom line of the channel at the price of 104.40. The formation of the ascending channel indicates the buying mode of the market. The bullish trend may continue...
The daily is turning up against the 3/09/2020 lows at 101.19. The 4 hour is turning down against 109.85. While below 108.16 the pair can see a swing lower toward 104.28 to correct the cycle up from the 3/09/2020 lows.
good luck !
Technical Analysis-The 4 hour is turning up against 3/09/2020 low (101.16). 1 hour is turning up against 105.96 low. Near-term correction against 3/09/2020 low is proposed complete at 105.96 low, while dips remain above that level expect pair to extend higher.
Good Luck !
The weekly right side is up against 75.57. The daily and 4 hour are turning up against the 3/9/20 lows. While a pullback remains above the 3/9/20 lows the pair can see another swing higher to correct the cycle lower from the 12/15/16 highs in the weekly triangle.
USDJPY has formed a classic inverted head and shoulder pattern on a daily basis. The prices are trading very close to the neckline and we might see a breakout soon. furthermore, the weekly chart has formed a bullish engulfing pattern as well that supports the bullish argument. Like always, the price can take two paths, the first one is highlighted by the blue...