USDJPY - trend retracement or could it be ranging market?
Clear uptrend from 104.700 the break at 107.700...
Previously at current price levels there is a period of price consolidation, this is confirmed by ADX indicator... Could it be the start of a Range market??
Look to play range (on smalls) with long entry at 108.500/300 (23.6% fibo retracement) and take profit should be near top of range at 109.500/110.00
2 options with stops keep it tight (~108.200) or alternatively look to average in closer to the 108.00/107.600 (38.2% fibo retracement) for the continuation of the uptrend where profit targets should be adjusted.
Long positions should be closed on the daily close below 107.500 which indicates a break in structure and possible resumption of the down trend.
Previously at current price levels there is a period of price consolidation, this is confirmed by ADX indicator... Could it be the start of a Range market??
Look to play range (on smalls) with long entry at 108.500/300 (23.6% fibo retracement) and take profit should be near top of range at 109.500/110.00
2 options with stops keep it tight (~108.200) or alternatively look to average in closer to the 108.00/107.600 (38.2% fibo retracement) for the continuation of the uptrend where profit targets should be adjusted.
Long positions should be closed on the daily close below 107.500 which indicates a break in structure and possible resumption of the down trend.
Comment:
Long Entry level adjusted slightly
Order cancelled:
Missed entry position again, with conservative level chosen based on overbought signal.
Order cancelled and new order to be completed.
Order cancelled and new order to be completed.