Price is clearly rejected at the daily resistance and expect it to make another downside from here. According to some fundamental factors, the current worldwide recession could make JPY become stronger and stronger
From the COT perspective, hedge fund seems like started bullish on JPY since the net positions increase, number of long increase and short closing. Even now EUR is looking stronger than JPY but the recession could make JPY become stronger since JPY is safe heaven currency.
It is best for us to monitor the price action in the 4h time-frame inside the recent structure area if there has shown any confirmation inside this area, then we can take a sell position with a good risk-reward.
Remember, always reacting to the market instead of predicting the market, this analysis is based on technical and COT perspective.
Comment down below and let me know your thought.
From the COT perspective, hedge fund seems like started bullish on JPY since the net positions increase, number of long increase and short closing. Even now EUR is looking stronger than JPY but the recession could make JPY become stronger since JPY is safe heaven currency.
It is best for us to monitor the price action in the 4h time-frame inside the recent structure area if there has shown any confirmation inside this area, then we can take a sell position with a good risk-reward.
Remember, always reacting to the market instead of predicting the market, this analysis is based on technical and COT perspective.
Comment down below and let me know your thought.