USDJPY - Bullish ↗️ towards Level of High Volume

Hi Traders!

The market is moving in a weak Downtrend.
A weak Trend is a Trend with valid Hs and Ls and accompanying deep Retracement Moves.
By the way: That's why Channels are almost everytime weak Trends.

At the left hand side, we have a Break of the Weekly Trendline.
After this Break we have Trending and Retracement Moves.

At the last Trending Move (towards 108.800), a descending Trendline occured.
This Trendline provides bearish Momentum, because everytime the price gets to this Trendline, it
gets pressure and moves lower.

Consequently, the Trendline could only be broken easily with high Bullish Momentum -
which we can see at the strong green candle.

This strong candle, let's call it the "Momentum Changer Candle",
comes with two functions:

• Break of pressuring descending Trendline
  
• Appereance of a strong Bullish Engulfing Pattern
  
  So, as we declared that the market can easily go up, a question occurs:
  Where to take Profit?
  
  Remember, we still have a valid Downtrend.
  
  For finding out where the market could return back, we use
  the "Fixed Range Volume Profile" which shows as a so called
  "Point of Control".
  
  This tool can tell us where the market was highly volatile during a
  fixed Range - we here began with the start of the Downtrend 'til now.
  
  Imagine the Volume as a flood full of back pressure which can
  push the price back.
  
  
  If you have any questions, comments or feedback, leave a comment!
  
  
  
  
  Thanks and successful Trading :-)

Comment:

Just to avoid viewing issues ;-)