4H Kumo pivotal to this recent uptrend,105.50 is a monster level
- Since we broke out of the multi-month triangle consolidation, dip buyers have used this an an opportunity to load up on longs.
- If we close below the Kumo cloud I would consider the uptrend done for now, and look for price to consolidate.
- Also if the Kumo cloud turns (Senkou Span A in blue crossing Senkou Span B in pink) it would contribute to the neutralization of the trend.
- Japan is back from their holidays on Monday so the Japanese Banks will be back in play, could see some volatility (AKA another retest of the highs).
- The 105.50 level is a monster 61.8 Fibo of the move from 124.13 - 75.35.
- Any break+close above 105.50 and you can ride it to the moon.
- If we close below the Kumo cloud I would consider the uptrend done for now, and look for price to consolidate.
- Also if the Kumo cloud turns (Senkou Span A in blue crossing Senkou Span B in pink) it would contribute to the neutralization of the trend.
- Japan is back from their holidays on Monday so the Japanese Banks will be back in play, could see some volatility (AKA another retest of the highs).
- The 105.50 level is a monster 61.8 Fibo of the move from 124.13 - 75.35.
- Any break+close above 105.50 and you can ride it to the moon.