On higher time frames (monthly / weekly) UJ is showing a triangle pattern, with a ranging / sideways market confirmed by the 50 EMA, we have no overall long term bias in terms of trend. Moving onto smaller timeframes, on the daily we have an ascending channel with a ranging market between the S&R, Now on the 4hr we have a rejection of the support, a break of the short term down trend and what looks to be like a confirmation of trend change forming from a 4hr 50 EMA retest. Currently waiting on a rejecting from the 4hr 5o EMA and a bullish 4hr open which will give us confirmation of a trend change which will then give us room for a long position to our 4hr resistance which is the upper phase trend line on the daily ascending channel. Lower TF long bias for UJ currently, especially with current USD strength being shown across majors, this strength will more than likely provide the retest and rejection of the 50 EMA we require to enter.
Comment:
UJ moving nicely as anticipated. Stop has been moved to entry for a risk free trade, we'll start to lock in profit once we see some signs of retests on lower time frame EMA's.
Comment:
USD ADP employment change smashes expectation, 291k release granting US economic growth which gives USD some strength to power up towars the 109.822 region.