The YEN is showing us bearish movements and here are a few things I see:
Summary:
The wicks are showing us that the bulls are finding resistance here from the earlier push, this can also bee seen as a form of exhaustion, we are focusing on the most recent movement(s). The Trendline draw has been broken, which I signified using the dashed style, and the push down wasn't strong the first time; maybe this is why it's consolidating currently.
The Goal:
For price to break through the rectangles downward, for a retest or strong push towards 108.675 in price, before attempting to break above it's previous high.
The Con:
If price breaks out for a bull-run, 112.200 would be the counter goal, although a lower position is ideal.
What do you think about this analysis? Would you like to see more? Let me know in the comments, giving a like on this, or reaching out via Direct Message! - ecryptfx
- Higher Lows
- Shown on higher and this timeframe
- RSI Overbought
- Most see this as an indication of price being bearish
- RVI Crossing Down
- Possible reverse of trend
- Resistance
- As seen at the current high, wicks, and candlesticks
- Candlestick Patterns
- Bearish Engulfing are being shown
Summary:
The wicks are showing us that the bulls are finding resistance here from the earlier push, this can also bee seen as a form of exhaustion, we are focusing on the most recent movement(s). The Trendline draw has been broken, which I signified using the dashed style, and the push down wasn't strong the first time; maybe this is why it's consolidating currently.
The Goal:
For price to break through the rectangles downward, for a retest or strong push towards 108.675 in price, before attempting to break above it's previous high.
The Con:
If price breaks out for a bull-run, 112.200 would be the counter goal, although a lower position is ideal.
What do you think about this analysis? Would you like to see more? Let me know in the comments, giving a like on this, or reaching out via Direct Message! - ecryptfx