NO ACTIVE TRADE AT THIS TIME
Observations
1W:
1W Observations: Volume building. Some consolidation patterns. RSI just beginning to show some bullish divergence. Strong bounced off strong support.
1D:
1D Observations: RSI bullish divergence forming. Still in down trend. Hitting resistance.
ANALYSIS:
I believe USDJPY will retest 105.65 support and could potentially break lower. Looking at 1W chart, there is an idea reversal zone below this support. A close above 111.93 would make my hypothesis invalid. Right now, the trend is down. There is not enough evidence supporting USDJPY is now in a reversal.
No active positions or orders at this time. I am considering my options.
Observations
1W:
1W Observations: Volume building. Some consolidation patterns. RSI just beginning to show some bullish divergence. Strong bounced off strong support.
1D:
1D Observations: RSI bullish divergence forming. Still in down trend. Hitting resistance.
ANALYSIS:
I believe USDJPY will retest 105.65 support and could potentially break lower. Looking at 1W chart, there is an idea reversal zone below this support. A close above 111.93 would make my hypothesis invalid. Right now, the trend is down. There is not enough evidence supporting USDJPY is now in a reversal.
No active positions or orders at this time. I am considering my options.
