Hey there everyone,
A currency's index can be of utmost importance while trading ,So let's see what's happening with the Yen Index to set targets and apply them to the XXXJPY pairs
As we can see the price just broke through an important zone and 2 descending trendlines ,achieving the target of the previous Double Bottom formation
Although waiting for more from the yen may be tempting to make more pips however this seems unlikely as price has been on the rise the whole week
So we have 2 scenarios in mind :
1-This is just a fake-out which will be confirmed by returning below the previous resistance and trendline as we are at:
#Fib level 0.786 #Long Upper Wick #near 100 EMA #approaching overbought area on HTF
2-A break-out in progress AFTER we complete a short term retracement to retest the broken structures during the next week near Golden Fib levels and the 100 EMA + 20 EMA Crossing the 50 EMA
Targets will be
1-Continuation of the Downtrend since 2021 making a LL below 9000 within the next couple of months
2-First one will be the previous zone of resistance at 9400 to 9450
Next one will be around 9550
$$$ THE COLOR CODING SYSTEM $$$
Violet : Weekly and Monthly
Red : Daily
Blue : Hourly
Thanks for your reading and wishing you all a good weekend
A currency's index can be of utmost importance while trading ,So let's see what's happening with the Yen Index to set targets and apply them to the XXXJPY pairs
As we can see the price just broke through an important zone and 2 descending trendlines ,achieving the target of the previous Double Bottom formation
Although waiting for more from the yen may be tempting to make more pips however this seems unlikely as price has been on the rise the whole week
So we have 2 scenarios in mind :
1-This is just a fake-out which will be confirmed by returning below the previous resistance and trendline as we are at:
#Fib level 0.786 #Long Upper Wick #near 100 EMA #approaching overbought area on HTF
2-A break-out in progress AFTER we complete a short term retracement to retest the broken structures during the next week near Golden Fib levels and the 100 EMA + 20 EMA Crossing the 50 EMA
Targets will be
1-Continuation of the Downtrend since 2021 making a LL below 9000 within the next couple of months
2-First one will be the previous zone of resistance at 9400 to 9450
Next one will be around 9550
$$$ THE COLOR CODING SYSTEM $$$
Violet : Weekly and Monthly
Red : Daily
Blue : Hourly
Thanks for your reading and wishing you all a good weekend
Trade active:
Almost reached the 2nd target ... waiting for a pullback to go on beyond 9550
Comment:
targets reached and momentum is changing to become slightly bearish or indecisive at the moment
