USDJPY bearish continuation or halt
For downmove
Price took out the old pre-brexit high (23-06)
We're at a massive bearish orderblock (purple area)
Reached 61,8% retracement and almost had a 70.5% Optimal Trade Entry (ICT)
The above three points define the Turtle Soup (street smarts) making a downmove probable
however
For upmove
This all makes me think we're not going anywhere and we're back in the accumulation zone for the big boys.
Price took out the old pre-brexit high (23-06)
We're at a massive bearish orderblock (purple area)
Reached 61,8% retracement and almost had a 70.5% Optimal Trade Entry (ICT)
The above three points define the Turtle Soup (street smarts) making a downmove probable
however
For upmove
- We also reached an old (smaller) post-brexit orderblock (white area)
- We are also nearing a very very very very very important MONTHLY S//R zone (which you can't see because it's off screen), but do scroll back and be shocked and awed by the fact price has been around this level for 8 months so nearly 3/4 of 2014.
- That brexit candle close is far above the monthly.
This all makes me think we're not going anywhere and we're back in the accumulation zone for the big boys.
Comment:
This is beginning to look like we aren't stopping the downtrend nor are we accumulating around the level. I'd not be looking for longs on this pair for awhile.