In yesterday's analysis, I expected UJ to reject the 106.10 zone, however, price was basically chugging around the resistance zone. In today's trading session, I will be focusing on short-term selling opportunities due to the current ascending channel formation. There are two setups that I am looking at
1. A rejection off the top band of the channel towards the bottom band (Bearish)
2. If UJ finds buying pressure, an upwards violation of the channel will invalidate the short setup (Bearish)
The overall trend on the higher timeframe remains bearish. Stay reactive.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
1. A rejection off the top band of the channel towards the bottom band (Bearish)
2. If UJ finds buying pressure, an upwards violation of the channel will invalidate the short setup (Bearish)
The overall trend on the higher timeframe remains bearish. Stay reactive.
Trade safe.
Do follow my profile for daily fx forecast & educational content.