Once we do clear the ¥115 level, the next target would be the ¥118.50 level, perhaps extending to the ¥120 level. Overall, this is a market that continues to be one that offers value occasionally, you should look at these dips as just that: value.You MUST BE CAREFUL ON SHORTING for a long term or counting on a change of trend as it is obviously very and we have had a confirmation of interest rates going higher in the United States recently. That should continue to propel this market higher even though the Bank of Japan is trying to cut back a bit on quantitative easing.
1.We can see on 1 hour and 4 hours chart the pattern which implies a deeper pullback and a change of the trend but short-term.
2.We can also see that are only broken to the downside on the 1 hour chart at the 4 hours and are still offering a very good support for the uptrend.
3.Lately we have higher selling volumes and a change of sentiment towards the shorting side.
4.We also notice the black ascending line which protects the uptrend and it's very well respected from price action.
POSSIBLE SHORT TRADE
ENTRY AT 113.600-113.580 AT THE BREAK OF THE NECK LINE OF PATTERN AND THE BREAK OF ASCENDING BLACK LINE FOR DOUBLE CONFIRMATION
BUY STOP AT 114.20
FIRST TARGET AT 113.00$LEVEL
SECOND TARGET AT 112.150$ LEVEL
THANKS FOR SUPPORT!!KEEP FOLLOWING FOR MORE PROFITS!!
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