Possible short opportunity on this pair. Volume decrease in the last upside move. We are currently testing a weekly resistance. We are above a daily support so we could have trouble to make clean down side move. Also, price is near a high volume we could see a nice support form this zone. However, if price make a clean breakout of this zone we could be clear for a downside move.
Entering the market at the break out of the 100 ma is a simplistic entry, but i think a efficient way for this trade.
Entering the market at the break out of the 100 ma is a simplistic entry, but i think a efficient way for this trade.
Comment:
Edit : Error on the last comment : WE COULD see a increase in the demande of the JPY so a down side move.
Even if we had a nice up side move, i think the buyer pression is decreasing..Also from the 4hr time frame, if price make a good retracement, I see, from today structure on the 4 hr, a big room to make a significatif move to the downside. But again, the next few day could change my biais on the longer perspective. But even if the next few day price action give me clue to further upside move. I think, from today price action, in the mid term a down side move is inevitable for this pair.
Further more, we saw a nice sell pression on the us stock market in the last few day. The month of december is typically (not certitude) a month that we see retracement from the stock market before the next year. If this happend in 2020, we could see increase of value in asset and currency that are typically «safe haven». Jpy is typically a a safe haven currency. So fundamentally, if the stock market take a hit this month, we could have trouble to see a down side move because of a possible temporary increase in JPY demand.