In the recent analysis, I discussed about the potential short-term reversal of UJ due to the current over-extended condition followed by a probe setup at 103.000 key support zone, which was exactly what the market performed. UJ is still within a range bound condition, currently will be looking for short-term buying opportunities with 104.700 as the target. However, due to the correlation, we could expect some selling pressure at 104.700 resistance zone pushing price back to 103.000. To remain bullish bias, we need to see a clear violation of 104.700 resistance zone but I doubt buyers could make it. Do not forget the overall trend on the higher timeframe remains bearish, stay neutral.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
Comment:
Previous analysis
