AbhishekHSinghCMT
Long

USDJPY- Importance of Support & Resistance-109.75

FX:USDJPY   U.S. Dollar / Japanese Yen
490 10 13
How prior resistance works as support will likely be evident in current case where UJ just moved upside not going below 109.75- prior high

This concept is called polarity reversal.

We need to change counts & be careful of key levels- our key level was 108.80 -which worked really nice & I even said that unless 108.80-108.75 is taken out- we cannot have a bearish bias.

Downside 109.75 can act as support in current scenario which was prior swing high.

What is polarity reversal
Earlier Resistance turns its role into Support or Support acting as Resistance

Connection with previous update- iii-wave is yet to complete & likely will push to a new high, but keep in mind about the zone 109.80-109.75- key zone for us

Holding 108.80- Bulls came back in UJ

Trade active: 21:13 Hrs 18th Nov2016

Last Price@110.60

I love Green Candles -Do You Love It?- Protect your profits & enjoy the weekend.

snapshot
Trade active: 22:00 Hrs 18th Nov2016

Recent High@110.84

Likely a pullback to the zone 110.40-110.50 staying above 110.35- key level & critical level-110 - we will hold for new highs beyond 11.84

snapshot
Trade active: 22;55 Hrs 18th Nov2016

Current Price@110.56

Recent Low@110.42

UJ moves up from close by above key level@110.35

snapshot
Trade active: 00:02 IST Hrs 19th Nov2016

Its Midnight. Have a nice weekend

Last Price@110.62

Likely holding for a new high in the range 111.10-11.20 with 110.35 key level & critical level-110
Trade active: 07:29 Hrs 21st Nov2016

Last Price@110.81

Booked Profits @111.10 as expected on 19th Nov2016 - Update@00:02 Hrs

Raising the support@110.40- Going above 111-111.05 shall be looking for 111.30-111.40 zone

snapshot
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
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India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
@AbhishekHSinghCMT , thanks for sharing you ideas, just a quick question, when do you think the usdjpy will head down for a correction leg ?
Reply
@manonmars_17, Now I am raising support to 110.75. Likely looking for an upside push - we are close by to a top but not confirmed yet.
Reply
manonmars_17 AbhishekHSinghCMT
@AbhishekHSinghCMT, so you think i shouldn't try to sell usdjpy today ?
Reply
@manonmars_17, Likely it is close to a top. but if it pushes slightly in the zone 111.30-111.40 -best range or sustained move below 110.75- will confirm that its likely has topped.
Reply
manonmars_17 AbhishekHSinghCMT
@AbhishekHSinghCMT, I think the driver of this move is the rising US treasury yields, and the huge bonds sell off, we have to wait for the bonds sell off to finish , i think
Reply
@manonmars_17, That is out of my purview -what matters to me is price movement.
Reply
AbhishekHSinghCMT PRO AbhishekHSinghCMT
@AbhishekHSinghCMT, Hi, Likely looks UJ is done at top@111.18 so be careful on any longs & need to see how the market reacts going below 110.64 -will confirm that UJ has put a top@111.18
Reply
love that
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@moursi1972, Thanks
Reply
@moursi1972, A simple concept really works wonders at times
Reply
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