With a break-even position on this pair and considering the appearance of a Double top structure, I suspect that price is going through a correction phase in anticipation of a rally in the coming week hence an opportunity to take a quick trade in the opposite direction of my last speculation arises (see link below for reference purposes).
Tendency: Downtrend (Bearish) Structure: Breakdown | Supply & Demand | Reversal pattern (Double Top) | Trendline Observation: i. Since the 20th of July 2021, the price has continued to find a higher high and appear to have found a roadblock @ Y121.200 following a double rejection of this level. ii. Double Top: The appearance of an extremely bearish technical reversal pattern after the price reached a peak two consecutive times (Y121.200 & Y121.130 respectively) with a moderate decline between the two highs and it is confirmed when the price fell below support level equal to the low between the two prior highs (Neckline @ Y120.500). iii. In view of my last speculation on this pair, I suspect that the double top at this juncture in the market signals a medium-term trend change in price with the anticipation of a rally in the nearest future. iv. In this regard, the neckline remains a Key level for a short-term bearish continuation. v. Please note that the early hours/days of the new week might see price climb to test Y120.750/120.900 area to incite bearish continuation...Trade consciously!😊 Trading plan: SELL confirmation with a minimum potential profit of 80 pips. Risk/Reward: 1:3 Potential Duration: 2 to 5days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
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