USDJPY (Daily) The DESCENDING CHANNEL is still very STRONG!
TECHNICAL ANALYSIS:
-Since Aprile to July, the market followed a side trend, after a short period of intense volatility; The price bounced twice on the level at about 106.054, creating a new support zone.
-For more than 6 months, the price hasn't been able to break the ema 50, creating a nice and long descending channel.
-The price actually bounced one more time on a support zone at about 103.329, the price is oversold so is possible a small correction before to carry on the same downtrend until to reach an important weekly support zone at 101.093.
CONCLUSION:
I won't open any long position because the downtrend is actually very strong.
I'm waiting the price reaching the resistance of the descending channel, I'll study the price action in that specific point to understand if there is still a good chance to entry short.
If you enjoy my FREE Technical Analysis, let me know that with a big LIKE, I'll be so glad!
Have you got some similar or interesting idea? Feel free to leave a comment below sharing your idea!
Are you interested getting more FREE Technical Analysis like this? SUBSCRIBE my channel and you won't miss anything!
Trade Safe,
Gianni
-Since Aprile to July, the market followed a side trend, after a short period of intense volatility; The price bounced twice on the level at about 106.054, creating a new support zone.
-For more than 6 months, the price hasn't been able to break the ema 50, creating a nice and long descending channel.
-The price actually bounced one more time on a support zone at about 103.329, the price is oversold so is possible a small correction before to carry on the same downtrend until to reach an important weekly support zone at 101.093.
CONCLUSION:
I won't open any long position because the downtrend is actually very strong.
I'm waiting the price reaching the resistance of the descending channel, I'll study the price action in that specific point to understand if there is still a good chance to entry short.
If you enjoy my FREE Technical Analysis, let me know that with a big LIKE, I'll be so glad!
Have you got some similar or interesting idea? Feel free to leave a comment below sharing your idea!
Are you interested getting more FREE Technical Analysis like this? SUBSCRIBE my channel and you won't miss anything!
Trade Safe,
Gianni
