Price is making a trading zone. We started out with a gap on the weekend, closed that gap, japans stocks are looking to double bottom and gbp pairs are looking to reverse with bullish momentum in the coming weeks.
Trade wars are pretty crazy right now with japan and china and Yen seems to keep getting stronger against the dollar but weaker against some other pairs. Last weeks profits on UJ were wiped clean off the table with a drip back down and same goes with my lovely GJ buy that was $774 up in profit. Always take some profits off the table! Even I have to remind myself or I lose it all should price swallow it back up lol
Buyers will buy once 106.75 has an hourly break above price. Until then I see Sellers winning and price dropping lower to 104.00 zone ...we are at a weekly and monthly strong support zone here. Everyone wants to buy...not many want to sell...this tells me that we could go lower making it easier to trap buyers in this zone across the board. Also the hourly broke lower.
This tells us two things...either we have a new low for a new higher high and price will reverse here (unlikely) making a new high or the impulse we got last week was a new high for a trend continuation to 104.00
Too soon to tell since last weeks pullback on Yen pairs. Lets see how it plays out. If price denies "D" as a new lower high we could shoot up from D1 if it stays weak then we will head to D2 which is closer to 103.00 than it is 104.00 so be warned..if you can handle 200 pip swings then going LONG on UJ in the near future might be worth taking. Until then..be careful....
Trade wars are pretty crazy right now with japan and china and Yen seems to keep getting stronger against the dollar but weaker against some other pairs. Last weeks profits on UJ were wiped clean off the table with a drip back down and same goes with my lovely GJ buy that was $774 up in profit. Always take some profits off the table! Even I have to remind myself or I lose it all should price swallow it back up lol
Buyers will buy once 106.75 has an hourly break above price. Until then I see Sellers winning and price dropping lower to 104.00 zone ...we are at a weekly and monthly strong support zone here. Everyone wants to buy...not many want to sell...this tells me that we could go lower making it easier to trap buyers in this zone across the board. Also the hourly broke lower.
This tells us two things...either we have a new low for a new higher high and price will reverse here (unlikely) making a new high or the impulse we got last week was a new high for a trend continuation to 104.00
Too soon to tell since last weeks pullback on Yen pairs. Lets see how it plays out. If price denies "D" as a new lower high we could shoot up from D1 if it stays weak then we will head to D2 which is closer to 103.00 than it is 104.00 so be warned..if you can handle 200 pip swings then going LONG on UJ in the near future might be worth taking. Until then..be careful....