Possibility of a correction for more upside within the YEN in the coming weeks! The YEN has become heavily bearish after it recently broke below a key structure level and previous monthly lows to create a lower low in the market. Price has been moving with clear impulses and corrections on the larger time frames and it is clear to see that we are retracing which is part of a larger correction with the likely-hood of another impulsive move down at some point. For the moment however, price is creating clear bullish trending structures on the lower time frames meaning my bias is short-term bullish until we see a break of structure and a change in trend.
At the end of this week we have seen price impulse up into a daily key level and close below. As this was a strong impulse, i would like to see price move in a descending corrective manner at which i will be targeting 2 levels for bullish momentum. The first possible price reversal zone would be as marked as this is also a 50/61.8% Fib retracement. However, there is the possibility of price to push lower to close the imbalance left in the market which was caused by the impulsive move. As long as we don't break structures i will remain bullish in the short term and look to target the weekly key level of 9550. One thing i will be watching for is the possibility of a double top around the daily key level incase we roll over to the downside, then my bias will change to bearish which will fit in with the overall continuation of the larger trend. When looking at which of the YEN currency pairs to trade i will be looking to see if i can see descending corrective movement in JPY/XXX & Ascending corrective movement in XXX/JPY pairs which mirror the index.
Feel free to leave any comments!
At the end of this week we have seen price impulse up into a daily key level and close below. As this was a strong impulse, i would like to see price move in a descending corrective manner at which i will be targeting 2 levels for bullish momentum. The first possible price reversal zone would be as marked as this is also a 50/61.8% Fib retracement. However, there is the possibility of price to push lower to close the imbalance left in the market which was caused by the impulsive move. As long as we don't break structures i will remain bullish in the short term and look to target the weekly key level of 9550. One thing i will be watching for is the possibility of a double top around the daily key level incase we roll over to the downside, then my bias will change to bearish which will fit in with the overall continuation of the larger trend. When looking at which of the YEN currency pairs to trade i will be looking to see if i can see descending corrective movement in JPY/XXX & Ascending corrective movement in XXX/JPY pairs which mirror the index.
Feel free to leave any comments!