Get started
OrangeTrader93

USDJPY Strong Swing Entry Position Indicated

Long
U.S. Dollar / Japanese Yen (FX:USDJPY)  
OrangeTrader93 Updated   
FX:USDJPY   U.S. Dollar / Japanese Yen
Trend Analysis Chart Patterns Beyond Technical Analysis USDJPY LONG Bullish Patterns swing
0
0
trendanalysis chartpattern beyondta usdjpy long bullish swing
//Price Action Analysis//
The candle will close @ 0200 UTC giving us an indication of whether or not UJ will continue trading along with the dynamic support line that makes the chart pattern.
Comment:
Sellers are holding the price level hostage at 104.05. We will need the price to close above this level for the market to move up. NY market had created a weekly low revealing a head and shoulders pattern, continuing a bearish sentiment. We may see prices move down to 103.3 by this week. We will see an increase in trading volume tomorrow starting at 1300 UTC till Thursday at 2200 UTC.
Comment:
The moral of the story here, wait for price confirmation and look at volume.

Related Ideas

OrangeTrader93
Continued UJ Analysis - Market Profile Analysis
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.