USDJPY, straight rise week 14, looking for change in week 15
USDJPY made an unapologetic bullish move for the whole of week 14. Traders like me who are looking for short and have entered short for the pair would like to suffer a bad week if no change in outlook.
The analysis showed a strong upward movement in Week 14, however, it is also showing the pair has overextended the move. Currently, we are seeing 7 levels of rise and JPY pairs usually have extended move as compared to other pairs. (We can count it as 6 levels).
The extended move usually throws a lucrative signal for reversal trades but would have ended up a false reversal pattern. I am definitely one of those traders being caught by the extended movement of the pair.
The analysis would be now pointing towards a bearish week for Week 15, which I will be monitoring and take a short position if signals are available.
I hope all traders will continue to have a profitable week. Please like and follow if my analysis helped you!
The analysis showed a strong upward movement in Week 14, however, it is also showing the pair has overextended the move. Currently, we are seeing 7 levels of rise and JPY pairs usually have extended move as compared to other pairs. (We can count it as 6 levels).
The extended move usually throws a lucrative signal for reversal trades but would have ended up a false reversal pattern. I am definitely one of those traders being caught by the extended movement of the pair.
The analysis would be now pointing towards a bearish week for Week 15, which I will be monitoring and take a short position if signals are available.
I hope all traders will continue to have a profitable week. Please like and follow if my analysis helped you!
