OANDA:USDJPY   U.S. Dollar / Japanese Yen
Looking to play the vaccine news fade trade that has played out the last 2 pops on positive results catalyst.

Post move we had a second bullish day but on low volume which indicates the run was mostly due to a lack of bearish pressure. That pressure was slowly building yesterday and we can see this in the general movement of the candles but a solid clue is the 3.8k bullish volume spike at 15:30 yesterday that failed to really move price. That volume went on supplying the bears more than creating a positive direction change.

As we started todays session the daily high was set and failed and price hasn't been able to provide evidence of a move higher since. I'll be looking for another bullish volume spike that gives us a move back into the range so we can get the short at the best possible price. It will be crucial to watch the candles closely to make sure we are seeing failure around the entry point.

RuckSack.medium.com

Comments

this chart will soon be bullish. selling is high risk. that's my opinion
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